We still get questions all the time about the Ten Property Limit imposed by Fannie Mae.
1. This rule applies only to Residential Properties of 4 or fewer units;
2. This rule applies only to FINANCED properties; borrowers can own 50 “free and clear” properties; and
3. This rule allows up to TEN financed properties. Many lenders limit the borrower to FOUR, but we have numerous lenders that allow up to ten.
We had a borrower today who has financed properties, but the loans are not in his name. These still count as “financed properties” with respect to the ten property limit.
Call Jay Voorhees at (925) 855-4491
Real Estate Broker, CA Bureau of Real Estate, BRE# 01524255, NMLS# 335646