Portfolio lending

2 Replies

What are typical portfolio loan rates compared to conventional mortgages? Do they usually come in 30 year fixed like traditional? or are they more similar to commercial loans with 5 year balloon payments? My specific situation is this. I have a primary mortgage on my personal home. I have a primary and HELO on one rental that I plan on selling in two years. I have two fix and rent properties under contract, expecting to close next week. I would like to mortgage the two new properties after repairs are made and pay off some debt. I don't know if the limit of 4 mortgages that I hear about applies to number of rentals, or total number of mortgages. Would the rental with 2 loans count as 2? would my primary residence count against me in my ability to take out a lien on two more properties? Anyone with experience or expertise is greatly appreciated. Thanks in advance.

@Nathan Waters  You need to find a Fannie Direct lender that is willing to do up tp 10 loans per individual. Freddie only allows 4 loans. And even some Fannie Direct lenders will internal restriction to only 4 loans.

So you can have up to 10 confirming loans including your primary home.

Hope this is helpful.

Upen Patel
Mortgage Banker
Federal NMLS# 1374243

@Upen Patel

Thanks for the response. The two loans I have are VA loans, I don't know if they are freddie or fannie loans. I need to call the lender and find out.