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What type of loan can I get, 4 rentals, need 5th property as primary

I have 4 rental properties, debt/income ratio is good they net out about -200 a month combined (@75% of rent income). Currently renting a place and piling up $$$ for down payment/reserves.  Credit score highest tier..

Looking for my 5th propery as a primary, some have told me I would have to use a 5-10 lender, others have said getting the 5th on a normal conventional 20% down is fine, its when you goto get the 6th youll need the 5-10 guidelines.

The difference between the conventional and 5-10 is 6 months PITI reserves for all my rentals, that would be an extra $35,000 requirement in reserves. And the shift to move from 20->25% down is another $20,000, so its about a $55,000 swing in reserves/on-hand cash if I have to mee the 5-10 guidelines.


House price I am looking to buy is 350-400k if that plays a part.
  • October 17 2013 - US
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Answers (5)

Being that you are purchasing a primary residence you should have no problem getting conventional finance based on the information you have given us. 

Like everyone is saying, call an experienced loan officer who has done loans for people in your situation before.  There are a lot of reputable loan officers on this forum who can lend in OK. 

I hope this helps.

Thanks
  • October 17 2013
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It would be considered a primary residence as Paul mentioned below.  You just need to speak to a loan officer who knows their programs.  Without knowing exactly how your loan is structured it would be tough to tell you that you would be fine. 
  • October 17 2013
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If it will be your primary residence, you should be fine without needing to worry about the 5-10 guideline program. Let me know how I can help.
  • October 17 2013
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Thanks I am in Oklahoma and they are not licensed in OK
  • October 17 2013
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call this guy:
Robert Perry 206 947 5760 with GEM mortgage
He pulls off stuff that most other lenders can't
  • October 17 2013
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