10 Fannie Mae Loan Limit?

[Luke Simonetti]

Is it true that there is a limit of 10 Fannie Mae loans over a person's lifetime? 

If so, is that 10 concurrent loans, or just 10 total?

Does it apply to non-owner occupied/investment properties as well? 

This is in regards to conventional loans.

Thanks!

[Kevin Romines]

Ah the old 10 financed properties rule. Let me clarify, it is 10 financed properties that you are personally liable for. If you take out a commercial loan, even if it is in your personal name or an entities name, it doesn't count. You can get around the 10 financed properties rule by buying a new owner occupied home and turning your last owner occupied home into a rental. 

See the link to the rule: https://selling-guide.fanniema...

You can refinance existing residential loans into commercial loans where you don't have a personal guarantee. This will open up your Conventional slots again. There are a few Non-QM lenders that don't require a personal guarantee, they will just lend to your entity. Doing that will also up your conventional slots. 

I hope this helps.