Posted by Charles on January 12, 2004 at 18:23:12:
You can have up to four conforming loans (loans that are sold to Fannie Mae and Freddie Mac). After that, you can have an unlimited number of non-conforming loans with as many lenders as you can qualify with.
Best Wishes,
Charles
What is the Max number of loans you can get? - Posted by Watmore
Posted by Watmore on January 12, 2004 at 13:51:11:
If you start renting your home and go for another loan to buy property and doing the cycle again and again.
Up to how many loans has anyone gone so far?
What is the trap from Banks to prevent this kind of Situation?
there really is no limit, here’s how… - Posted by David Krulac
Posted by David Krulac on January 12, 2004 at 19:45:46:
FNMA has a 10 loan limit per person. If you are married take loans in indivdual names and the limit is now 20.
secondly this is only for conforming loans sold to FNMA. you can get as many NON-CONFORMING loans as your credit score/report will allow.
thirdly, seller financing or private financing has no limits.
Fourthly hard money lenders have no limits as long as property collateral is sufficient.
so there really is no limit.
David Krulac
Central Pennsylvania
Re: What is the Max number of loans you can get? - Posted by Dan
Posted by Dan on January 12, 2004 at 13:55:22:
I’m not sure if this is a nationwide thing but the maximum amount of properties that one individual borrower can have a mortgage to is 10 before they need to set up an a business.
Banks do not try and stop this situations as we would gladly take 10 home loans provided that your debt ratio remains low and your credit score remains decent.
Re: What is the Max number of loans you can get? - Posted by wes
Posted by wes on January 12, 2004 at 14:57:40:
Not sure that is 100% accurate, but maybe it is in Dans area. For example, I’m in Georgia and here I know the following to be true with two large lenders we use all the time:
GreenPoint Mortgage will allow 19 properties (mortgages) and Washington Mutual will allow $2,500,000 per borrower irregardless of the number of properties. Both assuming you have the credit score, assets and reserves to qualify.