Ways around FHA 10 mortgage limit?

Financing, Hard Money Lenders, Private Money
1

I have 15 properties and a 770 credit score. Has anyone figured out a way around the FHA 10 mortgage limit that will allow us to refi at good rates?

2

Hi,

One of the biggest problem today in the states hardest hit by todays real estate crisis including California, Nevada, Arizona and Florida has been the qualifications requested to meet requirements by lenders which include only allowing 75% of income against the PITI payments and requiring the borrower to have between 6 and 12 months of PITI payments in reserve for your properties.

It is not illegal to own 15 properties and I have had good luck applying and refinancing multiple properties at the same time in the past, other than that obviously the lenders see everything on your credit report.

You may be able to take 5 and 1031 exchange your equity into a 5 plus unit apartment building to remove your excess residential inventory!

Good luck,

              GR
3

Commercial financing. Get a blanket loan.

4

What he said.

5

What you do is refinance 5 of your houses into a blanket loan and that gets them off your credit report. The only problem is if you sell one of the houses in the blanket they don’t give you the cash, they resize the loan.

6

I was going to comment on this post awhile ago, but got side tracked.

Yes there is a way around the Fannie / Freddie / FHA 10 property limitations. If your properties are currently held by Fannie or Freddie, and there is a way I can check to see if they are, then there is a special loan program with them that allows you to refinance.

These loans are purely rate and term only, meaning no cash out, but there is no limit of financed property restrictions on these programs. We can do this up to 105% loan to value LTV with no CLTV restrictions, but each investor can set their own guidelines, so I can check case by case.

Get to refinancing before the rates are gone.

7

Go to www.fanniemae.com and click the link “Does Fannie own my loan?”. Enter in the property information and it will tell you if your loan is owned by Fannie Mae.

Freddie Mac also offers a similar program. Go to www.freddiemac.com and look for a similar link regarding Freddie owning your loan. Fannie just requires the property address. Freddie requires the last four numbers of your social.

Hope this helps.

8

I found out today that you can get a blanket loan that allows you to sell a house out of the loan and get the cash.

9

blue,

PM me the name of the bank please.