Counting to 10 - the "Loan Limit"

[Jim Haney]

Could someone help me with the definition of the 10 loan limit? I have a 30-year loan and a HELOC on my primary residence. For my rentals, I have a HELOC on one property that is otherwise paid off, and then three 30-year loans on three other properties. Does that mean that I have 4 loans towards my limit (only the 30-year loans), or 6 (counting the HELOCs) when it comes to getting to the 10 loan limit?

[Chris Mason]

Originally posted by @Jim Haney:

Could someone help me with the definition of the 10 loan limit? I have a 30-year loan and a HELOC on my primary residence. For my rentals, I have a HELOC on one property that is otherwise paid off, and then three 30-year loans on three other properties. Does that mean that I have 4 loans towards my limit (only the 30-year loans), or 6 (counting the HELOCs) when it comes to getting to the 10 loan limit?

Not 6, not 4. 

They are counting the "number of financed properties." They are not counting the number of mortgages. A "financed property" has one or more mortgages on it, it does not matter the type, HELOCs are mortgages too, as are HML, private money, etc.

You have 5 financed properties by my count.

Throw 5 mortgages on one property, that counts as a single "financed property."