how many mortgages can 1 person have?

[Rochelle Wilkinson]

I have 2 questions but will post 2 threads.. first question.. how many mortgages will banks give to 1 person? I read somewhere that 10 was the magic number and then you have to move over to a lender who does portfolio lending and puts you in 15 year ARM's as opposed to 30 year fixed.. is this true? i am in Baltimore Maryland.. its all part of a grand plan that includes 10 + properties and I'm wondering about logistics..

[Russell Brazil]

Fannie Mae backed mortgages are currently capped at 10. However when you move over to a portfolio/commercial lender after your 10th, terms can vary widely amongst lenders. All portfolio loans will typically have an ARM or balloon payment involved. However you may find some lenders that will amortize over 30 years.....it will be fairly easy to find a 20 year amortization, but some will do 25 or 30...but you may have a quicker interest rate adjustment or balloon payment due.