how many mortgages can 1 person have?

Question

I have 2 questions but will post 2 threads.. first question.. how many mortgages will banks give to 1 person? I read somewhere that 10 was the magic number and then you have to move over to a lender who does portfolio lending and puts you in 15 year ARM's as opposed to 30 year fixed.. is this true? i am in Baltimore Maryland.. its all part of a grand plan that includes  10 + properties and I'm wondering about logistics..

Russell Brazil · Answer

Fannie Mae backed mortgages are currently capped at 10. However when you move over to a portfolio/commercial lender after your 10th, terms can vary widely amongst lenders.  All portfolio loans will typically have an ARM or balloon payment involved. However you may find some lenders that will amortize over 30 years.....it will be fairly easy to find a 20 year amortization, but some will do 25 or 30...but you may have a quicker interest rate adjustment or balloon payment due.

Russell Brazil · Answer

Fannie Mae loans are only available on 4 unit properties or less. So you would not be able to use one on an apartment complex. You would need to get a commercial loan for. Terms will vary by bank and region...in my market a ln apartment building loan will typically require a 30% down payment.

Trevor Aydelott · Answer

I'm trying to figure out ways past 10 loans.

I see hard money lenders do it, portfolio lenders, commercial lenders. Now just trying to figure out who is they best.

Michael L. · Answer

Portfolio lenders can do the type of transaction you are describing. If you do a cash out refi on a SFR pool you own outright, you can use those proceeds any way you like. I'd be glad to help. Thanks.

Rochelle Wilkinson · Answer

@Russell Brazil ok thank you for answering.. next question.. if I acquire 9 houses at say $180,000 a piece and have real estate holding worth 1.6 million. could this be leveraged to purchase a multi unit apartment complex worth say 4 million? is that enough ?

how many mortgages can 1 person have?

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