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Cashout Investment Property - Own 5 properties with loans

My wife and I currently own 5 properties with loans against them.  We would like to refinacne 2 of them (1 SFR and 1 Condo.)  Current CLTV's are 50-60% and need cashout mainly to pay the first and second, however I would like to additionally go to the maximum LTV allowed.  Please email me at bfraserloan@gmail.com THANKS
  • April 13 2012 - US
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Answers (2)

Profile picture for Brian GFL Capital
when you have 5 or more mortgaged properties, you would fall under the Fannie Mae multiple property program guidelines that are pretty strict. they allow for borrowers to have up to 10 financed properties. max 70% LTV and no cash out, only rate and term refi's.

your best bet is to look at a portfolio lender that doesnt follow the Fannie guidelines, but even some portfolio lenders wont take the risk on borrowers with a lot of properties.
  • April 14 2012
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Most lenders have a limit of 4 properties with mortgages, but PHH will do it.
  • April 13 2012
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