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Updated almost 9 years ago,

User Stats

54
Posts
18
Votes
Bob Mastroianni
  • Wholesaler
  • West Deptford, NJ
18
Votes |
54
Posts

Mortgage Advice for more than 4 mortgages & FHA

Bob Mastroianni
  • Wholesaler
  • West Deptford, NJ
Posted

So here's a scenario that I could use a little bit of advice with. My wife and I are currently looking at a duplex in South Jersey. If we were to make an offer, we would purchase the duplex as our primary residence, living in the larger unit & potentially renting out the 2nd unit (the famous House Hack). We currently have 4 mortgages (primary & 3 investment properties). Our plan would be to rent out our current primary home and then move into the duplex. Although we currently have 4 mortgages we do not have an FHA Loan. So my questions are these:

1) How much difficulty will we have obtaining a 4th mortgage?

2) What type of reserves or Debt-to-income will we need for the 4th mortgage?

3) Will we be able to obtain an FHA Loan, since it would be our 5th mortgage?

The reason I ask is because I hear so many people mention how difficult it is to get more than 4 mortgages through conventional financing. Any help would be great. Thanks!

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