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Updated almost 7 years ago on . Most recent reply
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Married or not married?
Hello BP i have a question. on finance...
i am single by the law but a spouse at home.
My spouse and i both have excellent credit and have no personal debt. We will be looking forward to closing on a multifamily property that we will live in while it brings in cash flow to pay down the loan for the property and in time, pull out the equity and invest it again.
My question is, I've heard things that people are allowed a certain amount of loans in a lifetime, whether it be a conventional, Freddie mac or Fanine mae, types of loans. so,
How does not being married or being married affects ones eligibility to qualify for theses or any types of loans?
P.S. i am in the process of educating my self on REI. Please don't hesitate to correct me where or if i am wrong. I am open to all replies.
Thank you BP.
Most Popular Reply
Yes, @Son-Hsiung Riu is correct.. Most lenders will stop you, or your partner, at 4 properties each.. At that point you will need to dig a bit to find lenders that will go up to 10 each... By the time you get to the 10ish loans, you will probably have enough history and experience to contact portfolio lenders and wrap up a bunch of those loans into one large loan... It may be a good thing you are not legally married, but don't use that excuse with said significant other.. haha
Depending on where these properties are located(city/state) some small banks will start doing portfolio loans at lower values(250k cumulative or higher loans).. Some banks will let you add onesy twosy properties to these portfolio loans as well after the creation.. I know a couple of lenders in Kansas City that are doing this, and I have lost some of my ongoing investors(money-wise) to these cities/banks.... e.g.-the banks working very nicely with investors but only work in their own market(KC), and not other markets like mine(Indianapolis).