How many loans can we have?

[Maura Paler]

We have 3 mortgages, one is a second home, the other 2 are investment loans for vacation rental properties. All 3 are in both husband and wife's name. We are going for our 4th, and have our eyes on a 5th property. 

My understanding was we could only hold 4 conventional mortgages by law. 

Our local bank (with which we hold 1 mortgage) has said because we have only 1 with them we are eligible for 3 more with them. Is this correct? 

Or we also heard that maybe we are allowed 4 in joint names, 4 in my name, 4 in husbands name? 

Any help would be appreciated!