How many total other mortgages? (is it just 4 or are there more?)
There are definitely many scenarios we can work with on this but need to know more than just the basic question you have to answer properly.
Call us anytime M-F 8a-6p
Citi's guidelines pertaining to your scenario are below:
"In general, there is no restriction on the number of properties a borrower can own when the subject property is a primary residence, however, if the subject property is a second home or investment property, the borrower may not have a combined total of more than four (4) residential properties financed (this applies to either a single lender or several different lenders). Joint ownership in residential real estate is considered the same as total ownership of an individual property and therefore is subject to the same restriction. This restriction does not include loans on commercial real estate or multifamily dwellings with more than four units)."
Chase and GMAC will only permit four total properties financed. It matters with whom you place the loan, though we should see uniformity on this soon, and the number should reinstate to max 10 properties financed.
If I can be of service, please let me know.
We still have not been able to get it done.
To my knowledge this is a Fannie Mae/Freddie Mac guideline implemented this year that prohibits you from having more than 4 mortgages with the same lender. I heard they were changing this but have not gotten confirmation yet. If Chase won't work with you contact another bank like Countrywide or Bank of America