Profile picture for SABU1

how many mortgage home loan can hold person/family ?

  • January 25 2011 - Houston
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Answers (7)

SABU1,

ProfessorBaron is right, you can have up to 10 financined Fannie Mae loans outstanding to an INDIVIDUAL at anytime.  It is true that is is hard to find one of those lenders.  However, I am one of those Mortgage Bankers with access to not only 1 but 2 different lenders that will entertain allowing you to go over the 4 loan threshold for Fannie Mae.

Traditional lenders (Wells, BofA, Chase, Citi, GMAC, etc.) will not do this program.  It is only portfolio lenders that hold these loans on their own books that will do these types of investment property loans.

Some of the program highlights are:

- Minimum FICO of 720
- 6 months PITI reserves required for EACH property
- No mortgage lates on ANY property within past 12 months.
- 75% LTV Purchase mortgages & 70% LTV Rate & Term Refi (no cash out mortgages)

Let me know if this answers your question.

Good luck!
  • January 27 2011
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Profile picture for Ofe Polack
Without knowing your financial profile, it is difficult to ascertain what you could or could not do. I suggest that you meet with a lender who can advise you on what you will be able to do.
  • January 26 2011
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SABU1,

Please clarify something for me:

Is your question asking how many mortgages one is allowed to have while being approved for a new mortgage?  Or is your question asking how many people/family members may apply for the same mortgage together? 
  • January 26 2011
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Yes Penny. You can go up to ten loans but there are very very few lenders who will do this. You will need to contact mortgage brokers in your area and see who has a lender who can do these. Over that you need to go portfolio loans, but good luck finding a portfolio lender these days....
  • January 26 2011
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@James

Isn't it true that you can buy a home as an FHA, owner occupied, live in it a year, rent it out and then purchase another one FHA for a primary residence again and so forth?

Naima
  • January 25 2011
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Profile picture for ABBAUSA
Also only 1 (one) FHA. The others would need to be Conventional Loans.

Good Luck!

James Callas - Realtor®
  • January 25 2011
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Most lenders will only approve applicants with five mortgages or less. If you have more that that you would need to contact a credit union which has a different format of rules than  most conventional lenders.
  • January 25 2011
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