I just received an update to Fannie Mae’s guidelines about how many properties someone could have and still get financing -
Recently, it was 4. Now, Fannie Mae has changed their guideline and will allow up to 10 properties.
Multiple Mortgages to the Same Borrower
To support prudent lending for housing investment, Fannie Mae is changing our current limit of four financed properties per borrower. We will allow five to ten financed properties per borrower, with certain eligibility and underwriting requirements, including a 720 minimum credit score and 70-75% maximum LTV/CLTV/HCLTV (depending on the transaction and property type). The requirements apply to any loan being delivered to Fannie Mae, regardless of whether Fannie Mae is the investor on the borrower’s other mortgages.
Special thanks to Rhonda Porter for letting us know this.
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I was happy to hear about the new 10 mortgage rule that was supposed to go into effect March 1, but every lender I talk to is adhering to the 4 mortgage rule. Are there any lenders who are lending according to this new Fannie Mae rule change?