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Updated over 10 years ago, 06/02/2014
Portfolio loan preventing Fannie Mae loan
Do we have any underwriters that can help? I have zero mortgages in my personal name, but I have a portfolio loan under my sole owned LLC, in which I'm NOT a personal guarantor. Because I have "ownership interest" in over 10 properties (23), I don't qualify for the loan backed by Fannie Mae which is offered by the bank I've been dealing with. They have been blaming it on the Fannie Mae guidelines... The guidelines state that, with a 720 credit score or better, you may qualify for up to 10 "Fannie Mae insured loans". Nowhere does it state that "ownership interest" is factored in the guideline. Have I missed the boat on this ?