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Is there a limit of the number of mortgage loans you can get from an institution?
By
John V
Posted on
12/30/06 Total Answers
5
Answers-
The number would be limited by your financial status (income and credit). Debt to income ratio is a huge factor in determining if you will recieve a mortgage or not, and for most people one mortgage is enought to disqualify them for another.
Answer by :
User103443 On Date
2006-12-30 16:39:24
YES
I suppose it varies by institution.
Wells Fargo cuts you off at 12 mortgages.
Answer by :
Janet P On Date
2006-12-30 16:39:25
those places are in business to find people they can lend money to, so as long as your credit scores are good and you are not in to much monthly debt, I don't see why they would cut you off.......
Answer by :
besthusbandever On Date
2006-12-30 16:41:00
With some lenders it is up to 10 mortgaged residential properties to ONE borrower when the subject property is a second home or investment property.
Answer by :
staceydian On Date
2006-12-30 17:09:35
There is a limit, but it's not based on a # of mortgages per institution.
Most A paper lenders follow Fannie Mae's underwriting guidelines, and the guidelines state that a borrower may not own more than 10 properties that are currently being financed. This means if you own 9 properties with mortgages, and you can only get one more loan from any lender following Fannie Mae's guidelines until you either sell or payoff the loan on a property.
Please note, these guidelines do not apply to subprime lenders and commercial lenders. Also, if you are a VIP client of the bank, they may portfolio the loan (keep in house), rather than sell the loan to the secondary market through Fannie Mae. By doing so, they can exceed the 10 limit.
Answer by :
HomesByDamon.com On Date
2006-12-30 17:54:06
