In a few years I would like to sell my current primary residence and upgrade to a larger home as my family grows. The problem I see is that I have 5 mortgages already with my investment properties. The 5th one I had to do commercial because I already had 4 residential. How can I sell my primary residence and buy another house with a residential mortgage. I would like to keep my primary residential for 30 years and fixed rate.
Will I just have to save up enough PITI reserves and keep my credit good? Can I replace one residential mortgage with another eventhough selling my home would still leave me with 4 total mortgages?
My 5th property was bought with a commercial loan with a separate tx ID under my LLC but I am still the guarantor.
You can get up to ten mortgages with Fannie Mae. Find a broker or bank that mortgages to Fannie Mae.
@Eric Hathway An individual can have up to 10 conventional mortgages. You should not have been forced to do the 5th as commercial. You need to find a Fannie Mae direct lender how does not have internal restriction to just 4 loans.
Upen Patel, Mortgage Banker
Federal NMLS# 1374243
Thank you both. I guess it just takes some good shopping around.
Thank you both. I guess it just takes some good shopping around. I will still need 6 months of PITI though, no?