Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

25
Posts
8
Votes
Boris Peyzner
  • Professional
  • Springfield, NJ
8
Votes |
25
Posts

Refinancing Small Multi Number 7 Problems

Boris Peyzner
  • Professional
  • Springfield, NJ
Posted

Hello all, 

I need some advice.  I am in the process of refinancing my 7th property which is a 2-family home.  Two lenders I have used in the past have told me that you need a credit score of at least 720 due to fannie mae regulations to refinance properties 7-10.  Is this true?

My credit was 717 immediately before I refinanced property number 6 about 3 weeks ago.  During the refi of property number 2, anticipating refi of property 7, I paid off all my small credit card balances and brought my loan to available credit to under 20 percent on my main card.  I was hoping my score would go up but it appears that my recent refi brought my score down to 697 (still can't believe this).  

Any advice?  Are there lenders that would refi a 7th property (I want to avoid commercial or portfolio loan if possible).

Thanks

Most Popular Reply

User Stats

2,367
Posts
746
Votes
Harjeet Bhatti
  • Lender
  • Glenview IL- CDLP NMLS#230554
746
Votes |
2,367
Posts
Harjeet Bhatti
  • Lender
  • Glenview IL- CDLP NMLS#230554
Replied

@Boris Peyzner This is right, your score has to be in 720 range for 7-10 finance property. Your score will go up make sure your new property refinance is on your credit report.  Have your ask  your lender to run rapid score to see how you can get 23 points to meet the requirement? 

  • Harjeet Bhatti
  • Loading replies...