First Purchase

3 Replies

Hello everyone,

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?

Please help,

Newbie Ebony

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?

Ebony,
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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