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Updated about 13 years ago on . Most recent reply
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Limit on number of mortgages
Hi everyone
I've been doing some investments over the past couple of years, but I'm still definitely learning about RE and landlording.
In addition to my current residence, I've got 3 properties, which are all leveraged, so that's a total of 4 mortgages. But when preparing for the next purchase, my lender told me that they would not give me another mortgage because 4 is the limit.
The amount of actual leverage in investment properties is actually small (about 300k), which I told the bank, but they don't care. "4 is the limit", they said.
Is this just my lender or is it a hard rule across the board?
The lending officer told me about VA Vendi properties, but the selection seemed really poor, when I looked at them, and there were only a handful in California and they were in really odd places.
They also told me that if I moved into another primary residence, and started renting out my current house, then I'd be able to qualify for another mortgage. But, what if I don't want to move?
Is there a way to get around this? Maybe I have to start a business and put the loans under that?
Thanks everyone!
Most Popular Reply
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Originally posted by Chris Martin:
Sorry, but that's just completely silly. There's nothing "manly" about using commercial lenders... it's not "stepping up" to go to them before warranted and necessary... what it is in fact is stupid. It's a waste of profit.
I won't speak for everyone, but I fully intend to grab as much of that cheap Government money as I legally can. 10 loans for myself, 10 for my wife... and then hope the rules change so I can have more. I'm looking to line my pockets, not those of a banker, commercial or otherwise.