T or F: You can only have 10 mortgages

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T or F: You can only have 10 mortgages

Allen W.
Rental Property Investor · Member since 2021 · 48 posts · 50 votes

I've heard conflicting information on this one. I've heard (I think on BP Podcast) you have only possess 10 mortgages. But my tax preparer tells me that you can own as many as you want...similarly, few people on here and on the podcasts apparently own a small village-worth of properties.

Can anyone contribute their knowledge on this one?

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Amir Guerami
Lender · Los Angeles, CA · Member since 2020 · 64 posts · 15 votes
4y

You can have as many mortgages as you want but you can only have 10 mortgages that are securitized by Fannie Mae, Freddie Mac or Ginnie Mae. After 10 financed “conventional” loans you can use non-QM or commercial financing!!! Great problem to have😎

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    4y

    All answers are correct, because they are answering them from their perspective.

    You will be limited in how many mortgages you can get mainly by your debt to income ratios.  Some lenders will use the income from your rental properties, but only after some sort of seasoning period.  The limit will also depend on the types of loans you have.  This will include car loans, etc...  It will also depend on what type of loan you are trying to get...such as Fannie Mae or private, or...

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  • Amir Guerami
    Lender · Los Angeles, CA · Member since 2020 · 64 posts · 15 votes
    4y

    You can have as many mortgages as you want but you can only have 10 mortgages that are securitized by Fannie Mae, Freddie Mac or Ginnie Mae. After 10 financed “conventional” loans you can use non-QM or commercial financing!!! Great problem to have😎

    5Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    4y

    After 4 conventional 30 year fixed it gets harder, higher standards, but up to 10 per SSN are possible. So include your spouse, anouther 10. After that commercial - and thats actually not as bad as you think, because you are managing a portfolio risk and they are amortized faster.

    So, yes you can own a village or more.. 

    3Reply
  • Joe HammelBusiness Member
    Real Estate Agent · Metro Detroit, MI · Member since 2018 · 614 posts · 666 votes
    4y

    @Allen Watson

    The 10 mortgage max comes from conventional mortgages.

    You can definitely get more, other, mortgages. Portfolio, non qm, etc.

    What happens is, people get worried about maxing out at 10 before they even have 2. So there is a lot of chatter about it.

    However, just know that by the time you have 10, you will most likely have the knowledge and experience to figure out what you need to do to keep going successfully. You will also be so high on real estate that you will realize paying the extra 1% interest rate for a different type of loan, doesn’t really matter.

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  • Allen W.
    OP
    Rental Property Investor · Member since 2021 · 48 posts · 50 votes
    4y

    @Marcus Auerbach lol thanks

    0Reply
  • Allen W.
    OP
    Rental Property Investor · Member since 2021 · 48 posts · 50 votes
    4y

    @Joe Hammel perfect. Thanks

    1Reply
  • Allen W.
    OP
    Rental Property Investor · Member since 2021 · 48 posts · 50 votes
    4y

    @Amir Guerami yes..lol the 1 problem I look forward to having

    0Reply
  • Allen W.
    OP
    Rental Property Investor · Member since 2021 · 48 posts · 50 votes
    4y

    @Joe Villeneuve yep. Is the seasoning period the same across the board, or subjective to the loan officer/bank? I'm working on #2 and I think it was mention about a 2 year seasoning period.

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    4y
    Quote from @Allen W.:

    @Joe Villeneuve yep. Is the seasoning period the same across the board, or subjective to the loan officer/bank? I'm working on #2 and I think it was mention about a 2 year seasoning period.

    Loan dependant.  
    0Reply
  • Terri Wyzkoski
    Lender · Vienna, VA · Member since 2021 · 61 posts · 33 votes
    4y

    You're limited to "up to" 10 conventional residential mortgages, which may be less based on your DTI. However, you may take on as many commercial residential investment mortgages based on the lease-income from the properties as you like. However, the terms on these are typically 5-years and 25 year amortizations.

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