What to Do When Your Bank Won’t Finance More Than 4 Properties- The investor’s solution.

Fannie Mae changed guidelines to re-allow up 10 homes financed per person in February 2009, the program provides bona fide investors with an avenue to add to their respective real estate portfolios.

While most lending institutions failed to accept these loans we have been doing them successfully at Vintage Mortgage Group.

In its official announcement, Fannie Mae said upping the financed-property limit would help stabilize housing nationwide.

“Experienced investors play a key role in the housing recovery”, it said.

In order to purchase and finance a home through Fannie Mae with more than 4 existing financed properties, investors must meet all of the following criteria:

* Own between 5-10 residential properties with financing attached

* Make a 25 percent downpayment on the property; 30 percent for 2-4 unit

* Minimum credit score of 720

* No mortgage lates within the last 12 months on any mortgage

* No bankruptcies or foreclosures in the last 7 years

* 2 years of tax returns showing rental income from all rental properties

* 6 months of PITI reserves on each of the financed properties

For refinances, loan-to-value is capped at 70% for all property types.

Where To Get A 5-10 Properties Program Mortgage

If you own more than 4 financed properties and want to purchase a new one, or refinance one you already own, let your first call be to an experienced Mortgage Broker.

I offer mortgages for investors with 5 or more properties financed. I’d be happy to get you started.

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