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Author Topic: How many mortgages can you have?  (Read 7664 times)

Offline dwj469

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How many mortgages can you have?
« on: September 20, 2005, 03:19:26 pm »
My partner and I are investing in properties with nice cash flow. There are several we want to purchase. I was wondering how many mortgages can we get? What is the limit they set and if there are any that dont set a limit. We are getting the properties in new york and they are all good positive cash flow.
Thanks
My Daily Real Estate Investing Adventures
www.rei4u.blogspot.com

Offline dwj469

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Re:How many mortgages can you have?
« Reply #1 on: September 20, 2005, 06:41:27 pm »
I was wondering if you can get 10-20 mortgages thorughtout a period of a year or 2 or 3 years. rental income is there to support it. If you can, what banks will give them?
Thanks
My Daily Real Estate Investing Adventures
www.rei4u.blogspot.com

Offline rbaxter

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Re:How many mortgages can you have?
« Reply #2 on: September 20, 2005, 08:47:01 pm »
The number of mortgages depends on the particular lender.  

One of the biggest problems is reserves- reserves are money that that the lender requires you to have available after settlement.  For most lenders on an investment property, they require 6 months PITI for reserves FOR EACH PROPERTY.  That can be a problem unless you have a lot of assets and start aquiring a lot of properties.
RJ Baxter
Branch Manager- Fairway Independent Mortgage Corp
http://www.rjbaxter.com/

Offline ray taylor

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Re:How many mortgages can you have?
« Reply #3 on: September 20, 2005, 08:57:41 pm »
dwj469,
    How many mortgages can you have?

I dunno.  When I had 4, the mortgage broker said one more was all they could do.  When I had five, they found a way to get 5 more.  Each mortgage is more expensive than the last, and each is a little harder to qualify for, but I recently closed numbers 14 & 15 and have 3 more pending.   An old guy told me he had 30 at one time but cut back because it was too much work and he likes having  fewer houses, but with no mortgages.  I suspect you can get as many as you want to pay for, but they get more expensive as the quantity increases.

   Good luck,
         Ray

Offline Mdhaas

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Re:How many mortgages can you have?
« Reply #4 on: September 21, 2005, 08:28:50 am »
Each Lender has their limit of properties per client.  It vary's from as little as 2 to 6. This does not mean that you can't have more than that, it just means that the particular lender will only do that many.


As long as you can continue to qualify for loans you can have as many as you want!  
« Last Edit: October 05, 2005, 12:24:50 pm by Mdhaas »
If at first you don't succeed.....................skydiving is not for you

Offline kdhastedt

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Re:How many mortgages can you have?
« Reply #5 on: September 21, 2005, 11:54:38 am »

I'm hearing more and more (thru Realtors, etc.) that there is some sort of cap on Conforming Loans at 10...

Anyone else hearing that, too?

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline Immy

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Re:How many mortgages can you have?
« Reply #6 on: September 21, 2005, 12:18:26 pm »
That's right - the most you can have with a Freddie Mac or Fannie Mae underwritten mortgage is 10, including your personal residence if it's a conforming mortgage.

Offline dwj469

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Re:How many mortgages can you have?
« Reply #7 on: September 21, 2005, 05:02:06 pm »
thanks for the replies. What is a conforming loan mean? Thanks again.
My Daily Real Estate Investing Adventures
www.rei4u.blogspot.com

Offline Immy

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Re:How many mortgages can you have?
« Reply #8 on: September 21, 2005, 05:09:03 pm »
It's underwritten to meet Fannie Mae and Freddie Mac standards.

Offline Lendinghand

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Re:How many mortgages can you have?
« Reply #9 on: September 21, 2005, 05:58:54 pm »
10 per Fannie or Freddie. Sure.  

BUT

other nonconforming lenders may allow up to 10 depending on LTV and which core investors they are selling their loans to.  So if you have enough moolah, and I have say 5 lenders after Fannie or Freddie, well then,...  50 maybe 60 properties is a possiblity.  That would keep you busy.  I've done it.
Jason Vogler
Realtor - Ex Loan Guru
314-566-0919 direct

Offline Mdhaas

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Re:How many mortgages can you have?
« Reply #10 on: September 22, 2005, 07:51:59 am »
Lending hand is right.  Fannie and Freddie max out at 10.

However, Subprime Lenders deal with investor's.  This means that as long as the deal is strong and they can sell it, they will take it.  

Even if a particular Lender says that they can only do 2-3 initially, they will do 2-3 more after a couple of months.  This allows them time to sell off the last batch of mortgages to the investor.
If at first you don't succeed.....................skydiving is not for you

Offline mnkrouse

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Re:How many mortgages can you have?
« Reply #11 on: October 05, 2005, 11:37:17 am »
So nonconforming lender's basically have no limit?
« Last Edit: October 05, 2005, 12:57:22 pm by NancyChadwick »

Offline Mdhaas

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Re:How many mortgages can you have?
« Reply #12 on: October 05, 2005, 12:27:46 pm »
Non conforming lender's have a limit.  

However, there are numerous non conforming lender's and each one's limit is independent of the other.
If at first you don't succeed.....................skydiving is not for you

Offline milo0129

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Re:How many mortgages can you have?
« Reply #13 on: October 05, 2005, 06:27:56 pm »
As mentioned in previous posts, Fannie Mae and Freddie Mac max the number of mortgages to 10. With of course the exception, those lenders that will go above that limit. To answer your question: a conforming loan is referred to as "conforming" based on loan guidelines as well as the loan amount. Any loan under $359,650 is considered conforming (for a single family/1 unit), anything above that loan amount pushes you into the jumbo loan category. Unless of course you structure the deal so you have a first and second. Here are the various loan limits as of right now. By Jan. 2006 FNMA and FHLMC are going to announce the new conforming loan limit for single family which will be increased to $380k....Here is the rest of the info for max loan amounts considered conforming: 2 fam = $460,400   3 fam = $556,500   4 fam = $691,600  ...Hope that helps!
Laura
Sr. Loan Officer
MPI, Inc.
617-388-4116

Offline propertypete

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Re:How many mortgages can you have?
« Reply #14 on: October 06, 2005, 06:09:32 am »
Why not just buy all of your properties at once??? Set all the closing dates within a couple days from eachother and only do 2 loans per lender.  As far as they will know at that point, you will only have whatever credit lines in your name that are currently on your credit report.  It usually takes at least a month after closing for the loan to show up on your credit report.........Its scandalous, but wouldnt it work??

 




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