(302) 703-0727

(302) 703-0727

Can you get a Delaware Mortgage if you own more than 4 properties?

John Thomas February 21, 2010

Most lenders right now will cap the maximum number of financed properties at 4. But Fannie Mae recently relaxed there guidelines to 10 properties total. Problem is most lenders still have the cap at 4. Can you get a loan if you have more than 4? The answer is yes, but there are some tough guidelines.

The guidelines are as follows for financing if you currently have 5 or more mortgages up to 10;

1) No cash-out only rate & term refinance or purchases

2) Must have 6 months of PITI for each property

3) Capped at 75% LTV

If you have questions, please feel free to contact me at 302-703-0727

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.