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brianconner
354 Posts |
 Posted - 06/30/2008 : 10:00:49 AM
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| I did a site search here and got conflicting info. Thanks for the help! |
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hmetcalf
318 Posts |
Posted - 06/30/2008 : 10:25:29 AM
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I just went through this. A borrower can only hold 10 properties financed according to Fannie. If your borrower exceeds this, you will have to go non conforming, non FNMA. The investor that I am going through with this on is not rate sensitive becuse of the equity he is walking into on this particular deal. I have to go to a bank statement program (he is s/e and had too many writeoffs last year) and I am going through Banco Popular. Its my first time using them, but so far so good.
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MacMortgage
70 Posts |
Posted - 06/30/2008 : 10:33:10 AM
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I do not think there is a limit on properties owned, only properties financed.
That's 10, including the primary. |
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MacMortgage
70 Posts |
Posted - 06/30/2008 : 10:34:13 AM
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One more thing - sometimtes your lender will place additional restrictions above and beyond FNMA, like limiting properties financed to five or less.
Best to call the underwriter! |
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pdm
306 Posts |
Posted - 06/30/2008 : 10:35:05 AM
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| Many lenders, Citi, chase, Homecummings are using 4 properties max. I thought I saw something to this effect in the latest FNMA DU release, as it was to start 6/1 But i cannot find it. Some small wholesalers are still allowing 10 properties. |
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nowbroker
1384 Posts |
Posted - 06/30/2008 : 10:37:31 AM
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| The reason of the difference is that Fannie Mae is 10 financed 1-4 unit properties when getting a loan on a 2nd home or rental, Freddie Mac changed recently to only 4 properties. Some lenders sell to FNMA only, some to FHLMC only, some may have a negoitated commitment that may not have expired to take in the new rules yet. |
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MortgageBoarder
4013 Posts |
Posted - 06/30/2008 : 10:41:06 AM
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Correct, up to 10 financed. FHLMC however only allows up to 4 starting August for 2nd homes.
http://www.freddiemac.com/sell/guide/bulletins/pdf/bll042208.pdf |
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benjamin
2277 Posts |
Posted - 06/30/2008 : 10:52:37 AM
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| Wachovia Reps? |
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brianconner
354 Posts |
Posted - 06/30/2008 : 10:54:13 AM
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Thanks gang! I know that Wachovia (portfolio) still has unlimited # of properties owned / financed. ING limit is 2.
Thanks again. |
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