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Replies (8)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Fannie Mae limit was increased to 10 about 1 1/2 months ago. Only a few lenders are yet to offer this. The ones I do business with are about 0.125% to 0.250% higher than my lowest wholesale lenders' rates.
- Wendy Sylvestre, "Wendy DMG"
- Contributions:15
Hi Andy,
One of my lenders offers a Fannie Mae Multiple Property program especially for those who own more than 4 homes. They offer a 30 yr. fixed product. I just did a price quote on their website and there are no rate hits for the specialty product. Interest rates would be the same as if it's a normal purchase loan. In reading the guidelines, the borrower must be very strong with a 720 credit score to do this program.
If I can assist in any way, please don't hesitate to let me know. Thanks and enjoy your day !
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Yep, you can purchase up to 10, but must have very strong reserves to qualify for anything over 4. These have been availble for at least 7-8 months now.
You need to have 6 months reserves for ALL investment property (Subject purchase and existing). 25% down for SFR and 30% down for Multi-Unit.
- Justin Kennedy
- Contributions:692
yes, watch out for the rental income and reserves requirments. one lender i know will not let you use any rental income from subject, nor any properies not show on sch E of tax returns, even if proeprty was aquired since last tax filing.
- Andy Sapra, "Andy Sapra"
- Contributions:1554
I personally have more than 10 financed properties and anything else i am buying is either cash or commercial loans and most of the investors i work with have more than 10 financed properties !!! Reserves and income ratios are not a problem and that is why they qualify for commercial loans with 25-30% down. It's just that these commercial loans are not priced as competitively compared to fannie mae products.
- David Nezri, "Direct Lender"
- Contributions:265
Yes, you will need lots of reserves.
- Johnny James, "Palmdale Mortgage"
- Contributions:406
strong down payment and reserves and lenders will go past 4 proeprties.
- James Ryan, "GreatRateFolks"
- Contributions:1038
Rudi hit the nail on the head, Fannie has eased up on the number of homes owned limitation, now it is just a matter of time for the lenders to incorporate the new guidelines into their underwriting engines. I wish you luck! Jim
Number of Properties Financed
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- 5.0/5.0
- (2 reviews)
Contributions:1554Are their any programs available for investor purchases over fannie mae 4 limit? Only ones i can find are portfolio loans from commercial lenders which are 5/5 arms amortized over 25 years and are to be re-negotiated every 5 years and carry a pre-payment penalty or 1 year arm with no penalty. Also the rates are on the higher side.
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