do mortgages in spouses name count toward 10 home limit?

[Gloria Mirza]

My husband has 10 financed mortgages with 10 fannie mae loans. If I am put on title will those 10 mortgages count toward my 10 mortgage limit? Does the debt/income from those properties affect my DTI?

[Chris Mason]

Originally posted by @Mark B.:

Originally posted by @Chris Mason:

Originally posted by @Mark B.:

@Chris Mason Sorry, meant to tag you.  Thanks!

 It's different for every scenario. Quite often it involves getting all the consumer debt, often including the primary residence mortgage, into the name of the spouse with the day-job income. 

 @Chris Mason Ah, gotcha, that makes sense and we've kinda already done that.  We have no consumer debt other than our primary mortgage and the investment properties. They're all in my name exclusively, and 100% of my income is from 1099.  As a result, she doesn't have much credit history to speak of but I have her added on as an authorized user on the couple credit cards I use.  But those are always under 10% usage and paid off in full monthly when due.  Since we've ticked that box seemingly already what would be the next step?  Would be very interested in learning how that could work potentially because come January I'm going to be ready to buy 2-3 more properties and I'll be maxed out so I was going to go the portfolio route but if there's a relatively easy way to swing it I'd be all for giving it a shot.  I'd always heard it wasn't possible if she had zero income but your experience says differently so I'd love to hear your thoughts if you had a spare moment.  Appreciate the reply, thanks so much!

- Get the down payment funds in a joint account with both names on it, so she can use it without it being a prohibited "down payment gift" from her spouse (that's stupid, I know, it is what it is). If she doesn't have a strong retirement account for PITI reserves, throw some PITI reserves in that account too. The "two months of bank statements" thing is 101 level stuff, if you have over a half dozen mortgages I'm sure you know how that works.

- (Bonus points here to make your New Jersey lender happy) Make a list of all the real estate you own on Schedule E, in order. Get all the original Notes for those mortgages, in that order, and put them in a PDF. To keep everyone sane, keep Schedule E pages segregated by "his and hers" as you go.

- Go dial for dollars until you find a REI-friendly lender local to you that understands this scheme, has minimal/no overlays, and go from there. I've set them up for a home run with a really easy pitch, so it's just a matter of finding someone smart.