FMNA Rapid Acquisition rules

[Scott Lieberg]

Can any one cite the rule that under the Rapid Acquisition program that after the second loan in 12 months, the borrower cannot take out 2 loans in the same subdivision? Does the seasoning of the subdivision have anything to do with it?

[Chris Mason]

@Scott Lieberg

All I'm finding is individual lenders mentioning this as an overlay. Nothing in FNMA guidelines. 

Next best thing, "OP can't be the first person in the history of the universe to try this. Let's find someone else that came up against this."

OK, so...

I did find another biggerpockets thread, also created by someone wanting to buy in Texas, also specifically buying multiple properties in the same subdivision. And in that thread, there are also a bunch of non-Texas lenders that work for REI-friendly firms who are also saying that they have never heard of this.

So it's probably either a weird Texas thing, or an overlay specific to your lender. Maybe you and that other BP person are using the same local Texas lender, and so running up against the same overlay. 

Disclaimer: I'm usually pretty damn good at finding things in FNMA guidelines. But I'm not finding this. I also have never had someone trying to buy a zillion properties in the same exact development (very niche scenario... I think most REI wouldn't want so many eggs in one basket, but I'm sure you've done your due diligence & weighed the pros and cons), so I'll be transparent and state that I am not speaking from experience on this one.