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Can I obtain a new home mortgage if I already own 4 houses?

I own 1 primary residence and 3 rental homes for the past 26 years in one state, with good income that pays for all the loans plus interest and taxes. I want to put my primary residence up for sale while I apply for a new home loan for my primary residence in another state. Mortgage lenders say I am at my 4 house limit, Even though I am putting my primary residence up for sale. Are there any exceptions to this? I can qualify every other way.
  • July 28 2014 - US
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Answers (2)

I believe the lenders that you are talking to are you bit confused perhaps. The Fannie Mae rules says that if you were buying a new primary residence, there is no multiple mortgage limit. As long as you are can document and confirm that you are buying a new primary residence, it does not matter how many financed properties that you have. But be prepared to document that you're actually transitioning to the new state, and that there is a job relocation, and anything else that they may require to prove occupancy in the new state. Otherwise, it should not be a problem. Any other questions click on my profile and contact me. Thank you.
  • July 29 2014
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So long as your out of state purchase is a legitimate primary residence you should not have an issue. If you were attempting to buy another rental, yes some lenders would balk.You mentioned you are putting your current residence up for sale, is it possible lenders have misunderstood your intent?  Not sure who you are dealing with but my suggestion is to seek out an experienced mortgage banker located in the community which you are moving to, your Realtor should be able to provide a couple of names. 
  • July 29 2014
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