Loan for another rental property

You were miss informed.. FNMA guidelines say you can have up to 10 properties in your name.. But, since all conforming mortgages are insured, this is the guideline for insurance.. The lender.. Those with the $$, can have their own guidelines called overlays... It's probably the banks guideline that prohibits more than 4 mortgages.. I will tell you that even those lenders who do allow up to 10 properties will not have more than 4 with any one borrower.. So if you have 4 mortgages with lender "A"... lender "A" will not lend you on a 5th home even if their overlays allow up to 10 properties.. You would have to go to a different lender for the 5th mortgage.. you should contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Well we are not a big bank but we are a bank that will do loans in Alaska and I just rant thru this same ordeal with another client and we can help you with your next rental property. There is certain criteria you have to meet. Feel free to contact me as investment properties is one of my specialties. Jamie 816-309-0054.

I can do loans in Alaska and I am a Banker and Broker so the sky is the limit feel free to call me.Mike SchultsCertified Mortgage Planner310 770-7969

What confuses a lot of people is the number 4 its 4 financed properties at one mortgage company.. I have been a underwriter, and a compliance officer for several lenders. You can have up to 10 financed properties, but the loan to value is lower, so you have to put more skin in the game , a bigger down payment email me at yourloanparnterforlife@live.com

As long as you qualify with all your current mortgages you are fine as others have said. I even have a lender that goes above 10 properties with a portfolio loan.

hi there: My investors allow more than 4 financed properties......If you find a Fannie Mae owned property, 10% down payment is the minimum should u come across. If you'd like to see what we can assist with, give me a call to discuss...We offer minimal closing costs and competitive rates. Mike (703 505 5300) NMLS 754875

Lots of great info here, bottom line is that financing is available from the right lender as long as you meet the other qualifications for downpayment, credit, reserves, debt ratio's etc. pdumouchel@primelending.com