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
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 6 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Melissa Andress
  • Rental Property Investor
  • Valparaiso, IN
0
Votes |
1
Posts

Looking for lending advice for SFH

Melissa Andress
  • Rental Property Investor
  • Valparaiso, IN
Posted

We own 6 investment properties (vacation rentals) and looking to buy a 7th investment property. Lender is saying we're unable to purchase an additional investment property because our credit scores aren't over 720 (Fannie and Freddie guidelines after 6 properties..). 3 of our properties are financed with private equity/promissory note- do promissory notes count towards the limit? 

Any advice on lending would be appreciated! I have a proven and lucrative business plan- just need help expanding it!

User Stats

114
Posts
61
Votes
Benjamin Piecenski
  • Lender
  • Columbus, OH
61
Votes |
114
Posts
Benjamin Piecenski
  • Lender
  • Columbus, OH
Replied

@Melissa Andress What is your credit report looking like?  Any derogatories?  Getting your credit score above 720 is key in getting your next few properties at a better interest rate, and also higher credit scores will lower your insurance bill as well.  Are you keeping your credit cards under 30% balance to credit limit?