Using "Free Trader Agreement" for Fannie/Freddie Loans in NC

[Trevor Fleck]

I have my first two properties under contract. My understanding is that there is a limit of 10 Fannie/Freddie loans per person. I was told by a lender that if I wanted to put 10 under my name and 10 under my wife's name, we would have to sign a Free Trader Agreement - in basic terms, a document prepared for the purposes of waiving each party’s rights as to real estate and creating a right to obtain real estate independent of the other. The lender told me this is normally used for divorce situations, but in the state of North Carolina properties in one person's name are considered joint property if married and therefore would count for both parties. Anyone have any experience with the Free Trader Agreement? I know we could just bundle them into a commercial loan when the time came, but we really aren't looking for more than 20 properties overall and so would prefer to get the best rates we can and lock them in for 30 years.