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Updated about 12 years ago,

User Stats

6
Posts
1
Votes
Brandon Bass
  • North TX
1
Votes |
6
Posts

Possible to stretch Fannie's 10 property limit in community property state

Brandon Bass
  • North TX
Posted

Does anyone know if it is possible to buy houses in just my name or my wife's name in an attempt to stretch out the 10 property limit? I had one mortgage broker say yes, properties bought individually are counted separately (meaning we could possibly get to 20). Then I had another say that since this is a community property state if we buy a property in just one of our name's it will still count against both of us as far as the Fannie Mae 10 loan limit is concerned.

I do see wording in the Fannie Mae selling guide regarding debt obligation of a property counting against you even if you are not listed as a borrower so I could see the second mortgage broker being right.

Anyone have an answer for a tie breaker?