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Limit on number of rental properties

We have 5 single family rentals, one paid in full. We have a loan on our primary + 4 rentals, for a total of 5. Chase, who has two of the loans, says they cannot do a refi for a client with loans on more than 4 *total* properties. Sound right? Ideas for where to apply? Thanks
  • April 25 2013 - Seattle
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Answers (10)

Right now, from what I was told Fannie and Freddie backed loans you can have a total of 5. With the home you live in. After that you would need to start a corp and buy the rentals through there and then you can buy as many as you want. With rates this low I personaly think the quantity is much better so doing as little down as possible is the best way.
  • April 26 2013
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I can do up to 10 properties.
  • April 26 2013
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Brian GFL Capital: subject rental property #1 is 56 LTV; #2 is 58 LTV. Primary is 80. Chase says firm that we can only own 4 properties total. Bank of America says 5 *loans* (we have HELOC on one of the rentals) for a total of 6 loans. Seems like we hit a roadblock whichever way we turn. Two of the loans are held by private investors, therefore not HARP eligible, so I need a conventional loan on those.
  • April 25 2013
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maximum LTV on the Fannie Multiple property program is 70%
  • April 25 2013
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I can do up to 10 financed properties, even when the subject property (of the refinance or purchase) is a non owner occupied or 2nd home.

Click on my profile to read my reviews and if you are interested in exploring your options, shoot me an e-mail or give me a call.

My office is in Bellevue, WA.

Thanks,

Doug
  • April 25 2013
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"Huskers: never posted on Trulia. Not looking for a cash out on any property, just want to refi a 5.625 30-year loan to today's low rates. 
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That should be very easy to do. As stated, Fannie allows up to 10 properties, contact this lender for assistance.
  • April 25 2013
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Huskers: never posted on Trulia. Not looking for a cash out on any property, just want to refi a 5.625 30-year loan to today's low rates. 
  • April 25 2013
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This sounds like a question asked on Trulia and if you are the same person trying to refinance rental #5 that is paid for, then the same answer here is the same answer there. The problem is not more than 4 financed properties, it's trying to do a cash out on more than 4 financed properties. 

If the property was purchased for all cash within the last 6 months then you may be able to use Fannie's delayed financing exception, if not, then you will have to go non-conforming if you can find it.
  • April 25 2013
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The typical guideline is no more than 4 financed properties, but Fannie Mae has program that allows up to 10.  Some lenders have that program option but many do not. You should be able to find a lender in your area that does.
  • April 25 2013
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Find another lender...
Number of properties is not the issue, it is equity.
There are plenty of reputable lenders out there who want the business.
  • April 25 2013
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