My husband and I are looking to purchase our first property, actually looking to buy 3 deals under 75K each our first time out. My question is how do we go about financing 3 deals at once? We have enough to put the down payment and reserves on these properties. Do lenders finance multiple properties at once?
You can Finance upto 5 to 10 properties at once.
In February 2009, Fannie Mae said it would up the maximum financed-property limit from four to ten to help stabilize the U.S. housing market.
"Experienced investors play a key role in the housing recovery", it said.
This is a truth.
Real estate investors buy foreclosed homes, multi-unit properties, and vacant condos as a means to build wealth long-term.
And now, with rents out-gaining the rise in home prices in U.S. cities such as San Francisco, California; Fort Worth, Texas; and Seattle, Washington, investor types are clamoring for good homes -- especially with financing so cheap.
15-year mortgage rates with points are below 3 percent.
Despite market options, though, investors can find it hard to find banks which offer financing for people with more than 4 properties already financed.
Even seven years later, Fannie Mae's 5-10 Properties Financed program remains a niche product.
Maybe you've been turned away by your bank, too.
Thank you for responding Varinder,
Should I get pre-approved first? And would it be a single loan or separate loans for each individual property?
I believe if it is 4 units on one property then it would be a blanket loan which falls under commercial loan. other wise it would be 4 separate loans for 4 separate properties. Don't quote me but I believe that's correct. hope it helps.
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