Getting back below 10 conventional loans to buy a residence

[Will Pritchett]

Hello BP,

So my situation is that we have grown a rental portfolio and are fairly far past our ten conventional loan limit. Not thinking we'd move, we used all of them. Now we may decide to move. My question is, what kind of loans do Fannie and Freddy count against you? I have some to my LLC that are personally guaranteed. Some are private seller carry to my LLC.

My lender says there is no way around this. While complying with all laws, I have to believe there is. I have found lenders who will do a loan to my LLC non-recourse that I can't see them holding against me (if I were to refinance some conventional loans)?? What I am envisioning is refinancing a few of the conventional loans to get the number in my name below ten. But I don't want to do that if they are going to disqualify me on grounds of the other loans to my LLC (some with personal guarantee). Worst case scenario may be just getting a loan from a small bank and not going conventional for a new house. All of the rates I would refinance to are quite a bit higher so I may be better off just taking a higher rate on the house by going to a small bank? To sum it up, what loans do conventional underwriters count against me? Personal guaranteed loans (even to LLC)? Loans to me personally? Private loans too LLC? Only those reported to credit bureau? Just thought I'd ask the collective genius that is present here if you had any suggestions.

    Thanks in advance.  I searched the topic and couldn't find this answer although I'm sure it's been asked before.

-Will