Mortgage Blog

During this RE crisis, mots of my clients accumulated
more and more properties now. Since one major
lender only allows maximum of 4 financed properties,
it's tougher to get the loans for the rentals.

I have more and more borrowers with more than 4 financed
properties now. The questions are: How to get the loans?

The first and the most important thing is:
If you used the cash to purchase properties, and want to
use the equity for the future purchase. Please do the
cash-out loan before you have 4 financed properties.
It's very very hard to get it done. I used to have one
bank did it last year, and they don't do it any more.
And I will let you know once I have another lender.

Also, some borrowers asked, if the husband and wife
has 4 properties under each's name. If the borrowers
want to buy another property, will they get qualified?

The lender will consider it differently, they will
usually ask the following:
1)Do they file joined or separate tax returns?
2)Do they hold each rental property as sole and
separate...title and loan only in husband and/or
wife's name?
3)are they going to purchase together.

Even though it's hard to get the loans, we will work
together as a team to get it done. And this weekend
I have 3 loans was "approved" by the lender's system
and we will know exactly whether it will be truly
approved by the lender next week.