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Author Topic: How many mortgages can you have?  (Read 7649 times)

Offline milo0129

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Re:How many mortgages can you have?
« Reply #15 on: October 06, 2005, 07:20:31 am »
Hmmm, not likely to happen. Finding all of your properties at once is not quite that easy...but of course if you're willing to commit fraud (by deceiving the other lenders of the additional properties), burn all of your bridges with your mortgage broker (s), and watch your credit scores tumble due to the mass number mortgages that you just acquired then give it a shot! Really though, this is not even an option...
Laura
Sr. Loan Officer
MPI, Inc.
617-388-4116

Offline propertypete

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Re:How many mortgages can you have?
« Reply #16 on: October 06, 2005, 04:59:23 pm »
woops.....well, i was just brainstorming........ :-\

Offline milo0129

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Re:How many mortgages can you have?
« Reply #17 on: October 06, 2005, 05:38:18 pm »
No problem...Sometimes you won't find the answers you're looking for until you ask the question or put it out there for discussion...
Laura
Sr. Loan Officer
MPI, Inc.
617-388-4116

Offline Investment Loans

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    • www.BenCarmona.com
Re:How many mortgages can you have?
« Reply #18 on: October 09, 2005, 10:39:10 pm »
I wouldn't worry about the number of properties that can be financed.  That's not an issue.  Unlimited properties can be accomplished.  You wont need to go subprime either. Suprime transactions have higher rates and generally require prepayment penalties.  Make sure your working with a mortgage broker that knows investment financing.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline milo0129

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Re:How many mortgages can you have?
« Reply #19 on: October 10, 2005, 07:02:38 am »
Don't worry about the number of properties that can be financed? Ben, I'm sure you are aware of Fannie Mae and Freddie Mac guidelines. So, then you are aware that MANY banks prime and subprime, strictly adhere to the 10 mortgage limit.  Yes, subprime loans typically come with higher rates and often a prepayment penalty. However, I think that perhaps you read into the posts a bit too much. No one said the ONLY option is subprime, clearly any educated mortgage broker/LO knows that is not the case. In my post Oct. 5th I stated this: "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". Investing in real estate is a concept that ALL mortgage brokers/LO's should be well aware of and have closed many deals in this area. It is important for readers to know the Fannie Mae and Freddie Mac limit of 10 mortgages, as well as the fact that yes, there are other options for those who are willing to do the research. But investor guidelines should not be discredited.
Laura
Sr. Loan Officer
MPI, Inc.
617-388-4116

Offline Investment Loans

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Re:How many mortgages can you have?
« Reply #20 on: October 10, 2005, 08:39:29 am »
Well, let's just keep it simple then for our readers who are investors.  The original question was how many mortgages can you have?

The answer is UNLIMITED!!!

To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline milo0129

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Re:How many mortgages can you have?
« Reply #21 on: October 10, 2005, 09:05:25 am »
Since you seem to feel rather strongly about this (it was just a question after all remember, with the entitlement of others to post a response)...Just out of curiosity, which banks are you working with that are willing to provide an UNLIMITED number mortgages to investors?
Laura
Sr. Loan Officer
MPI, Inc.
617-388-4116

Offline housebroken

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Re:How many mortgages can you have?
« Reply #22 on: October 10, 2005, 09:38:43 am »
Ben,

You're right again.

The only limits are those you place on yourself.  Lenders, don't talk to me about guidelines.  Give me solutions.  If my goal is to buy 3 properties a week, what is your value to me?  I can tell you with certainty that if you're suggesting selling my loans to a handful of sub- prime lenders you have, we're kidding ourselves.  I tell other investors I work with that when a loan officers starts talking about limits, you better knock on another door.  As an investor, you MUST think outside the box.  How many mortgages are you limited to with Seller financing?  How many private investors do you need to finance 100 deals?  What is your limit on the number of lease back deals you can do?  Alas, if I must go to the bank, I hope I haven't exceeded my limit!

Thanks again Ben,

-H

 




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