Do the 4 to 10 allowed mortgages include Primary?

[Michael S.]

I am looking for clarification on how my primary residence impacts my ability to max out the amount of loans I can take out. Regardless if I can do 4 or the maximum 10, is my primary, owner occupied residence (mortgaged) part if this count?

[Jon Holdman]

I'm pretty sure they're looking at properties, not loans. So, having two loans on one property still counts as one. I'm also not sure about the commercial loans. The Fannie Mae guidelines just say "mortgaged property". Here's the actual Fannie Mae Letter. I don't see anything that would exclude commercial financing.

Re-reading those guidelines just now, I also don't see anything that would exclude the primary. However, it does appear there are no reserve requirements for the primary.