https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0822.pdf

page 8, limits you to 4 mortgages if you have any investment properties to purchase or refi....get er done.

OTOH, primary residence rates are back down to Jan. levels and the 5.5% coupon is coming back...good news for those of you that held out for an extra 1/8th.

Not a big deal. Investors can still use corporations to hold property and get around the 4 property limit for individuals.

__________________
1982 240 D, 308,000 - 321,127 miles (sold)
1982 300 TD,166,500 - 226,000 miles
1998 E 320, 120,000 - 144,000 miles
2005 C 230 K, 26,000 - 77,000 miles (sold)

Really? did you bother to read the guideline?






Didn't think so, learn what entity means and get back to us.

I read it and was refering to this (top of page 8):

In addition, Fannie Mae is clarifying that it does not consider the borrower to have either joint or total ownership in a property that is held in the name of a corporation, even if the borrower is the owner of the corporation. Such properties are not counted towards the four financed property limit.

I'm not a mortgage professional, but as a professional commercial real estate underwriter, I understand a few things.

__________________
1982 240 D, 308,000 - 321,127 miles (sold)
1982 300 TD,166,500 - 226,000 miles
1998 E 320, 120,000 - 144,000 miles
2005 C 230 K, 26,000 - 77,000 miles (sold)

Good grief. Would it kill you to be polite?

I don't know much about this stuff but sd300td's interpretation seems reasonable to me.

What are we missing?

I also wonder why the limit is based on how many properties in which the borrower has an ownership interest. I would think they would be more interested in how many mortgages the borrower either signed or guaranteed. In my (very) limited experience with investment properties, the property will often be owned by a corporation or LLC, but the lenders will require personal guarantees from the principals. That would seem like a more important measure than whether the borrower has an ownership interest in financed properties.

BTW, I don't see where the word "entity" appears in that document.