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
