Clarification on Fannie mae freddie mac 10 rule
I've google this topic and searched on forums and most posts seem old/outdated.
Situation: I currently have 1 primary mortgage. I started a business 7 months ago so conventional lenders are all saying no due to requiring 2 years of tax returns (I have found one lender who say will lend on 1 year of tax returns but I have my doubts).
1. If I take out an unconventional loan (portfolio lender) and/or seller financing "loan" on a rental property does it count against my FMFM "10 financed properties"?
The reason I ask this is I don't want to put 20% down on a property now and then regret later being unable to use the full 10 loans on the lower interest conventional/primary mortgage products later.
2. off topic question: can you BRRR a hard money loan into any type of loan like portfolio product mentioned earlier? or does it have to be a cash out refi to conventional loan?
Please ask me questions if my questions are unclear or more details are needed to answer. thanks.
Paul