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I currently have 4 mortgages. In order to purchase another property will I have to put 30% down?

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April 10 2009 - Palmdale
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its called the science of "risk"...
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June 29 2009
depends on the specifics some lenders will still do 20% down with multiple properties.
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June 29 2009
i believe there was some sort of fannie mae limit of only having 4 or maybe 5 loans out at once, they upped it to 10 but i heard the lenders are not approving that YET... may not be able to get another loan.... regardless of the down payment. Check with your mortgage person, but i have an investor who is in the same situation, and now he has to buy the place cash.... I will check in with my preferred lender on monday if you don't get a more concrete answer
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April 11 2009
Lenders in my area are requiring 25 - 35% down on any loans for investment properties. If you are buying a primary residence, it is usually possible to get a loan with a 20% down. Another option would be to consolidate all of your mortgages into one loan to a corperation or LLC that you form. If you have some equity in the properties, this could simplify your payments and also free up some of the equity to use for other investments.
-Mike
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April 11 2009
 
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I currently have 4 mortgages. In order to purchase another property will I have to put 30% down?
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Latest answer by space_acer
June 29 2009 | 4 answers
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