Posted by d.moren on January 29, 2000 at 18:44:46:
dm
How many RE loans can one person get? - Posted by Steve Heller
Posted by Steve Heller on January 29, 2000 at 17:30:51:
Is there a limit on the number of RE loans an investor can have before the banks say ‘no more’? Any thoughts appreciated!
Steve Heller (Tulsa)
Re: How many RE loans can one person get? - Posted by Billm
Posted by Billm on January 30, 2000 at 10:33:02:
FNMA and FHlMC have differnet criteria. And different lenders have different contracts with both. Other lenders don’t sell to either. So, the question could be answered… it depends on who the ultimate investor is!
This is just one example of the value of retaining a knowledgeable mortgage broker to guide and assist you in your investment pursuit…
Bill
What I’ve heard… - Posted by Paul_NY
Posted by Paul_NY on January 30, 2000 at 10:19:39:
I’ve heard that:
Conventional loans that will be sold to fannie mae are limited to about four. After that the bankers hands are tied.
Using mortgage companies is a bottomless supply of money.
Re: How many RE loans can one person get? - Posted by dtoelkes@sccoast.net
Posted by dtoelkes@sccoast.net on January 30, 2000 at 01:00:56:
Each lender has their own criteria. I do know that Countrywide Home Loans will only give a maximum of four loans to the same investor, and only if the total number of investor loans is less than nine.
A good mortgage broker should be able to place you with a lender, as long as you qualify, regardless of the number of active loans you have.
Re: How many RE loans can one person get? - Posted by GL
Posted by GL on January 29, 2000 at 18:01:14:
When you start off buying your first house to live in it is very easy. If you have a job, an income, can handle the payments,have a good credit rating it is a snooze. The bank won’t even wake up, they do so many every day.
The next one might be a little harder, or might be impossible. You see they are still thinking in terms of you making all the payments out of your paycheck without counting any rental income.
Eventually they will refuse to consider loaning you money.
If you keep going, keep building up your portfolio and your credit rating, you cross the line from being a shmo with too many houses he can’t pay for, and become a very astute businessman with a fortune in real estate investments. Then it gets easier and easier, until eventually you find them pressing you to take larger loans than you want, at better terms and interest rates than you ever dreamed of.
SHMO with question - Posted by d.moren
Posted by d.moren on January 29, 2000 at 18:11:57:
O.K. GL about when and where do you cross that line. I’m still in the shmo stages with 3 houses. dm
P.S. that sounds a bit trite but I would like to hear what you have to say about it.
Re: SHMO with answers LOL - Posted by GL
Posted by GL on January 29, 2000 at 18:37:05:
There are 2 factors-
Your relationship with the bank. Keep them informed of what you are doing, give them financial statements regularly, borrow money and pay it back, keep borrowing a little more and pay it back.(Personal loans and line of credit loans, if not mortgages). Eventually they will know you as a successful businessman. If you don’t keep in contact how will they know?
Your investment portfolio. The total amount, your net worth, and your net income.
When your net worth is more than your banker’s, and net income from investments only is more than your banker’s salary, you have arrived.
And bank employees don’t make a big salary, nor do they have a big net worth usually.