You Can Actually Exceed 4 Mortgages – Financing 5-10 Investment Properties – Boston Mortgage

You may have heard a rumor that banks can only give you 4 (four) fixed rate mortgages. That’s false. You can actually get 5-10. First, avoid getting trapped into an adjustable rate mortgage with a portfolio product. It’s probably better to get a low fixed rate mortgage through Fannie Mae.

Is there a catch? 

  1. You’ve got to have a 720 FICO or better.
  2. You’ve got to have 6 months cash reserves for all the properties.
  3. It’s a bit more strict on the bank end credit; no bankruptcies, no closures, anything that’ll give Fannie Mae nervous.

What’s NOT included in the 5-10 property count?

If you had vacant lots, commercial property, multifamily 4+ unites, or time-share, these are not included in the count.

What’s the loan of value you can borrow against?

  • If it’s a single family or condo on a purchase, it’s 75%, which is the same as normal – and on a 2-4 family property, 70%.
  • If you’re looking for cash out (to take cash out of the loan), it’s maximum 70% cash out for single-family and 65% for a 2-4 unit multi-family property.
Phil Ganz (354 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

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