Commercial loan on residential properties FNMA limit

[Glenn Kopensky]

I have 8 mortgages. One of the mortgages is a commercial loan (blanket mortgage) on 14 properties. All properties are residential. That means there are 21 properties mortgaged with 8 mortgages. This includes my primary residence.

Is the commercial mortgage included in the FNMA 10 mortgage limit? I think a commercial loan should not be. If not, that means I have 7 mortgages that fall under the FNMA limit and I can get 3 additional mortgages and still fall within the limit, correct?

I read in a BP discussion that the FNMA limit may be a 10 "property" limit and not a 10 "mortgage" limit but there was no conclusion on that. Does anyone know?

Thanks for your help.