All Forum Posts by: Nate Whitmore

Thats what I tried to tell my mortgage provider but he wouldn't budge. He wished me luck in finding a provider that would allow me to refinance. I have my reasons that I want to stick with this bank so it is frustrating that he will not move on this point. Just doesn't make sense to me and I figured if I could find something concrete on the Freddie Mac website that states that properties within an LLC are not counted against my limit that I could direct him to that spot but I can't seem to find that.

I own 5 rental properties. Three of them are in my sole member LLC, are purchased on land contract and I did NOT sign personally for them.

2 of them are in my name and I have conventional mortgages on them.

I am trying to refinance one of my properties that I have a conventional mortgage on and I am running into an issue as my lender claims that even though the 3 properties are in my LLC they still show up on my personal tax return and hence are used against my limit of 4 properties. I don't really understand why my properties that are in my LLC count against me when my primary residence which is in my Wife's name does not, even though we file our taxes together.

I called Fannie Mae and their limit is 10 properties while I also called Freddie and their limit is 4 properties. So now to my questions. First off, how does a bank determine if they want to sell to Freddie or Fannie? Secondly, should my houses that are in my LLC count against my limit?

Any input would be appreciated. Please let me know if I need to further clarify anything.