Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

73
Posts
55
Votes
Andrew M.
  • Rental Property Investor
  • San Diego, CA
55
Votes |
73
Posts

Conventional Lending Question

Andrew M.
  • Rental Property Investor
  • San Diego, CA
Posted

A quick question for all the Fannie Mae/Freddie Mac conventional mortgage originators out there.

I have six loans in my personal name and my wife has five in her name. We are buying property #12 as a second home and applied jointly for funding for the first time. The lender is telling us that even though the other 11 are now treated as jointly for #12 and they are denying the loans based upon the fact that we are not allowed to have more than 10 loans.

She is trying to now underwrite one of us singly to see if we qualify, but we were supposed to close in four days and it would be great to save her the time and hassle and close on time.

What say you?

Most Popular Reply

User Stats

657
Posts
275
Votes
Nicholas Covington
  • Mortgage Broker
  • Dallas, TX
275
Votes |
657
Posts
Nicholas Covington
  • Mortgage Broker
  • Dallas, TX
Replied

@Brandi Sharp actually it is straight Fannie Mae guidelines that’s this is correct. Since they are both on the loan Fannie Mae says all properties commutative are counted. This would not the case if it was a primary residence.

Loading replies...