Profile picture for cdiehlky

How can I obtain financing for investment properties?

I currently have 4 mortgages (principIe residence plus 3 rental properties).  I have excellent credit and adequate cash for large down payments; however, lenders are telling me that I can only have 4 mortgages at one time.  How can this be overcome? I have several investment properties that I would like to purchase.
  • June 10 2010 - Florence
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (10)

I was in same exact situation a month ago. Old Fannie and Freddie guidelines used to be no more than (4) mortgaged properties, however that was changed a few years back. A lot of the bigger banks decided to stay with the more restrictive 4 but a lot of lenders should still be able to find you someone to finance up to 10.  Good luck.

John J Mondello Jr, Realtor

  • June 23 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

All that you need to do is find someone in your state like us in CA. I gave you my suggestion on 6/11.

You don't need a hard money loan, nor do you need a partner..... Happy funding, Rudi
  • June 23 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Brokers are the way. Maryland and Virgina have been in the top incomes for decad & have many Borkers that will help.You can go to a website on my profile. James(Contributor) had a good idea also with adding a partner.You may need to be a developer or a Real Estate Compoany to keep personal and company asset seperated.This is find the right people or Broker team so they are looking for you.
  • June 23 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
You may not qualify for a conventional loan, but you need to be careful if you decide to go with a hard money lender. You can get more information on the basics of borrowing from "investors" here, but I would advise caution.
  • June 14 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I may have a solution for you!! There are an a abundance of private investors willing to help!! Look around
  • June 14 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Speak with a few large mortgage brokerages or small local or regional banks and credit unions. We have a few portfolio lenders that allow unlimited  amount of financed properties. This is a product you will not find at major banks. Sorry, I'd love to help you, but we only lend in  CA.  .... Happy funding, Rudi

  • June 11 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

We have a few lenders that will finance investors with more than 4 (or 10) mortgages, however then loans only apply to our investment opportunites in the Atlanta and Memphis markets, if that's of interest.

Good luck!

Marco Santarelli
.
  • June 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for numberonereo
Hello,
as Nic said you usually can have up to 10 loans under your name.

I currently have an investor right now with 4 under his name and he is going for one more.

I understand that you have great credit and a large down payment, but does the total combined debt to income allow for you to get one more?

I believe lenders can only count 75% of the rental income on your rentals.

I would recommend giving Dana Muse A call at Lafranchi Lending, She is the one that has done 4 loans for one of my clients and I currently have approval for a 5th home for that client though her.

It doesn't hurt to give a call and see what she says. Or send me an email.

shes also a lender here on zillow.
  • June 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Talk to other lenders.  One of the agencies allow for up to 10 so you just need to find a lender that knows what he is talking about.
  • June 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for ABBAUSA

The mortgage industry is in the doldrums.

The banking industry is depressed.

Adding real estate loans to a weak portfolio is not good business.

Seek private investors.

Good Luck!

James Callas - Realtor®

  • June 10 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.