Fianancing more than one property on one mortgage

[William A.]

I found some condo/apartments selling individually in 25k  - 30k range. My mortgage broker told me that I would not be able to buy more than one, and combine them for a mortgage.  Is she tell me right?  Has somebody else ever done something similar?

[Larry Turowski]

What you are talking about is called a blanket mortgage.  I just closed on one covering three properties a month ago.  Saved me a bit on closing costs. 

You'll likely need to find a portfolio lender.  That means they keep their loans instead of selling them to Fannie Mae or Freddie Mac (or other lending institution). In order to sell them to Fannie or Freddie they have to conform to the types of loans they will buy, hence the phrases conforming and non-conforming loans. 

You are probably trying to get a mortgage as an individual lender with a higher loan to purchase ratio (less money down). Non-conforming loans from portfolio lenders will usually not be for more than 70% (or at most 80%) loan to purchase.