I currently have 16 rental properties with mortgages on them. I am needing to buy another house for myself. Can I have only 10 loans total? Or is it 10 loans PLUS one more for my primary residence? I can’t get a solid answer on this.
All rentals cash flow and have equity and need 60%-70% LTV loan on new primary residence purchase.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
7y
@Chris Wolfe you can certianly go over the 10 loan "limit" when purchasing a primary home with a Fannie Mae and Freddie Mac loan. They do permit it. Not every bank/lender will though. So just call around to see who can but this can 100% be done with their loan types.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
7y
@Chris Wolfe you can certianly go over the 10 loan "limit" when purchasing a primary home with a Fannie Mae and Freddie Mac loan. They do permit it. Not every bank/lender will though. So just call around to see who can but this can 100% be done with their loan types.
@Andrew Postell thats great news. Do you know if it matters if the primary residence loan will be jumbo by chance? I'll also ask my local lenders, I just was wondering if you knew off the top of your head. Thanks!
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
7y
@Chris Wolfe oh, if it's a true Jumbo loan then it doesn't matter at all! Jumbo loans by definition are above the Fannie Mae and Freddie Mac limits. So if you do receive a Jumbo loan, they will have nothing to do with your lending decision. The 10 loan limit is just for Fannie/Freddie loans. I hope this makes sense how I am describing it.
When applying for an Owner Occupied Liam, the 10 loan limit is irrelevant.
Switching current loans to DSCR underwritten loans has no effect on the "10 mortgaged properties" rule....as long as they are still in his personal name.