All Forum Posts by: Randy Chang

Thanks for chiming in @Peter K.   It seems like this is an overlay issue with this particular lender.  I will check out other options with different lenders and see what they say on this issue as well.

I saw this post by @ Jon Holdman in a separate post on this issue, but I'm not sure if it is in the same context.

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Originally posted by @Jon Holdman:

Provided both husband and wife can qualify separately, 10 conforming loans each is possible. But each must fully qualify on their own. Its fairly easy to get loans 1-4 (your residence counts as one, too), tougher for 5-10 because fewer banks will do those.

Non-conforming loans (i.e., loans that don't conform to Fannie/Freddie rules) are available in essentially unlimited numbers, with the right lenders.

Thanks @Shaun Weekes .... Your answer seems to match what my understanding is.  

Maybe it's time to talk to a new lender that does not have such an OVERLAY.  

Thanks @Bill Gulley  for chiming in.

I'm still confused on how title and vesting would adversely affect one's ability to get financing.  The whole reason that we made sure I'm the only person on the loan is to ensure that we can each get to our Fannie and Freddie limit of 10 financed properties each. 

Anybody else able to chime in and provide a more definitive answer on what the Fannie and Freddie guidelines on what constitutes as having one of the ten financed property?

@Jeff V. 

 Thanks for your reply.  I will look into portfolio lenders at a backup option.  

Hi Guys,

Thanks in advance for your help.  I'm a new investor, and just recently ran into an issue with financing.  I've done a search in the forums, but can't seem to find the exact answer to my question below:

Background:  My wife and I jointly hold title to 4 properties (1 primary residence and 3 investment properties).  However, I'm the only person on the loan for all 4 of the properties.

Premise:  As I'm getting ready to acquire another investment property, my plan was to use my wife's name to qualify for the next set of properties, hoping that we can minimize the down payment required. (20% down instead of 25% down)

Question:  My lender has told me that because my wife is on title, she is also considered to have 4 financed properties; despite the fact that she is not on the loan on any of the 4 properties.   If we continue to take title jointly, then the both, combined, of us can only have 10 financed properties through Fannie and Freddie. Is there any truth to his statement or is he mis-informed?  

I was under the impression that it Fannie and Freddie only cares about the name on the loan, and how we take title should not affect how many loans we each have?  Ultimately, I would like to get 10 financed properties each.

Thanks Again

Randy

@Craig Norris 

Welcome to BP.  I'm a relatively new investor in OC as well.  I've been investing out of state, but really want to begin investing back in OC if possible.

Thanks @dmitriy Fomichenko.  I'm really excited to be a member of this forum.

Although practicing law is my day time job, my real passion lies in real estate.  Even though I've acquired a couple of investment properties in the DFW area (3 to be exact) over the last couple of years, I still consider myself a rookie when it comes to real estate investing.

I stumbled across this forum after hearing about it on a real estate podcast I heard, and the wealth of knowledge and information just blows my mind.  

I'm just looking to get involved in the community and stay active while absorbing the information that's here.

Thanks

Randy