Can you have two mortgages on two houses?

Asked by Michael Hallett, Louisville, KY Fri Jul 3, 2009

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Rebeccatrulia’s answer
Rebeccatrulia, Renter, United Amigos, Mesa, AZ
Sun Oct 6, 2013
Hi Michael Hallett

If you are planning to buy a home, then one of the first things that you look at is getting a loan. For first-time homebuyers, this may be a bit overwhelming. You can hear about all kinds of terms that you don't understand and one of those involves the lender that you work with. You may discover that you can obtain financing through either a lender or a mortgage broker and wonder which one is a better choice for you. Here you can find some information about both parties to help you decide the best option for your situation.……………
0 votes
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Fri Jul 3, 2009
Most lenders only want to do mortgages these days that conform to Fannie Mae, Freddie Mac, or FHA guidelines. The mortgage you're describing would not fall into that category, so like Doug said it may exist but you may have a tough time finding it. Best of luck
1 vote
Joel Lobb, Mortgage Broker Or Lender, Louisville, KY
Fri May 3, 2013
The short answer is yes, in fact you can have as many mortgages as you can afford providing you meet certain criteria laid down by the lenders
0 votes
Doug Garner, Agent, Independence, KY
Fri Jul 3, 2009
I'm going to assume your referring to a blanket mortgage, or maybe a bridge loan. Let me see if I have this right.
You want to get one mortgage that has 2 houses as the collateral. And then get a 2nd mortgage, also a blanket mortgage on the same 2 houses? If that's what your wanting to do, I've never ran across it before from a GSA or local bank stand point. (Not that it doesn't exist, it could) I know of no reason that it couldn't be done. It's just trying to find the lender who will do it.
0 votes
Bill Eckler, Agent, Venice, FL
Fri Jul 3, 2009

Yes, depending upon the circumstances this is possible.
0 votes
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