Old News - But not every lender know about financing limit went up from 4 max to 10

[Anuj Sharma]

Hi Guys,

Someone asked me a question and I thought I should share a very old news. Surprising part is one  of my broker also did not know that and he/she rejected me last year because of his lack of knowledge. Good part was another broker from the same bank was ready to help me - go figure :-). I was rejected by one broker because he told me that I already have four investment properties and FNMA (Fannie Mae and Freddie Mac) does not allow them to finance more than 4 properties. Guess what he was wrong, I called second broker from the same bank and I was approved. The second - Good broker ;) told me that limit of financing has been increased by FNMA from 4 to maximum of 10. I googled and here's the article confirming that

http://themortgagereports.com/7395/the-5-10-proper...

My goal of this small discussion is whenever anyone is trying to finance 5th investment property and got rejected by some broker/lender and he/she gave you excuse about FNMA not allowing, please forward him/her above article . You can move on with some other broker but its good to remove ignorance of that broker.

Thanks and Take Care,

Anuj