Financing in 85712>Question Details

Cathy Radford, Home Buyer in Tucson, AZ

If I have 4 rentals and one Owner occupied property are there any lenders out there who will do this loan I'm

Asked by Cathy Radford, Tucson, AZ Wed Oct 22, 2008

looking to buy a second home in Tucson they say I have to many properties with mortgages on them thank you

0 votes Share Flag Financing in 85712

Help the community by answering this question:


I was answering this question and noticed the original date was in 2008. In May of 2009 Fannie Mae relaxed their guidelines to allow for up to 10 financed properties. Most lenders are now able to finance this transaction, assuming the rest of the qualifying criteria is acceptable.
0 votes Thank Flag Link Fri Aug 21, 2009
Hi Cathy,

The short answer to your question is: YES! There are lenders who will fund your loan, provided you qualify, of course.

I work for a mortgage bank that will underwrite your loan "in-house" for up to 10 properties - please let me know if I can be of any assistance to you.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct
Web Reference:
0 votes Thank Flag Link Mon Aug 17, 2009
Hi Cathy,

I would love to take a look at the position you are in on the current properties and see what we could do for you on the new purchase. I am a private mortgage banker for Wells Fargo and work with a lot of clients with high net worth and multiple properties, investment and owner occupied as well as vacation or second homes. Please give me a call and we will see what we can get done for you.

Jacqueline Kounkel
0 votes Thank Flag Link Thu Oct 23, 2008
Cathy, As an agent with Long Realty I would be happy to introduce you to our Long Mortgage company. They are backed by Wells Fargo and are doing some great things in the mortgage department. Are you working with another agent in Tucson at this time? If not please contact me and I will be happy to help.
Vera Wallace
Long Realty
Tucson, AZ 85658
0 votes Thank Flag Link Wed Oct 22, 2008
Your best bet may to be to look for someone offering to do seller carryback financing or a wrap-around.
0 votes Thank Flag Link Wed Oct 22, 2008
Cathy, Give Buzz Dempsey at Hova Home Loans a call. 444-3982. Winnie
0 votes Thank Flag Link Wed Oct 22, 2008
Hi Cathy,

It depends. Depends on your credit, net worth, liabilities, and assets (to name the most important criteria).

Have you tried to get pre-approved for a second home through a mortgage broker? They would have access to many lenders with a myriad of program options. If you would like a few contacts let me know and I'd be happy to forward them to you.
0 votes Thank Flag Link Wed Oct 22, 2008
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