We are about to (possibly) sell our primary home and buy a new one. We will be using a VA loan for the new primary.

However, we also have 2 investment properties (regular full time rental home and a second home/beach/vacation home that we also rent). We are looking at 2 additional properties right now - one is another pure investment property, the other would be a true second home (lake home) that will not be rented.

We have a broker that is willing to to a cross-utilization on the 2 additional properties (making 4 total). She advised that we must do those first before buying a new home because of limitations on number of properties financed. I've read 4 and 5-10, but she's obviously in the 4 category. Thing is, it's a portfolio loan, so not really sure why it matters? But I assume it's her bank's requirements mirroring FNMA? Is the FNMA really 4 max?

Here's where it really gets a bit tricky: we are definitely buying new primary with VA - BUT, we are somewhat considering maybe NOT selling our current primary, and just renting it (it's in a fantastic area, good schools, etc., so hey, why not?). That would make # of investment property financed = 5 (plus we need a primary for a roof over our own heads!)

Just trying to determine actual limitations, should I be shopping this elsewhere, and is timing really key do making this happen correctly? Meaning, should we: A) do the portfolio loan for 4 financed properties first B) buy the new primary home via VA C) put current home up for rent? Here's the kicker: we'd really like to refin the current home before putting it up for rent....ugh.

Notes: the 2 inv properties we currently own are seasoned (1 has been rented since 1993, the other since 2012, although it's a niche vacation/beach home). We qualify for the notes no prob and have reserves. Credit is good. Just trying to figure out redtape issues!!