I have 800 credit score, good paying job for 25 years, 30% or more for down payment but because I have 4 mortgage loans already,

Asked by Michael, Hawaiian Gardens, CA Sat Dec 5, 2009

banks will not lend me. Do you know any bank that lends more than 4 loans?

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3
, ,
Tue Dec 8, 2009
There are many banks that will do it-even for an investment property- now that Fannie has removed the restriction limiting a buyer to four mortgages.

You would have to show six months PITI ( principal, interest, taxes and insurance) in reserves in your bank for the current mortgages and six months reserves for the new property as well.
0 votes
, ,
Sat Dec 5, 2009
Hi Michael,

The answer is yes and I can help you with that. Give me a call on Monday at 866-573-3331.

There are no restrictions if the new home will be your primary residence.

But when the subject property is a second home or investment property and the borrower owns a total of 5-10 financed residential properties, including the subject property, the loan is subject to additional restrictions and policies.

Best regards,
Elva
0 votes
M.D.J, , Los Angeles, CA
Sat Dec 5, 2009
Yes, you can get financing even if you own and have 4 mortgages. The next limit is between 5-10 properties you are allowed to have and if you have over 10 properties there is also financing available as well but the terms are not as attractive as the first two groups.

Any questions on or need further assistance then feel free to contact me.

Good luck.

Marvin
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