In 2009, Fannie Mae rolled back a mortgage rule that prevented real estate investors from financing more than 4 properties at once. At the time, investors were limited to 4 properties financed, which included their primary residence.
Today, the maximum number of allowable, simultaneously financed properties is 10. You wouldn’t know it, though — few banks actually offer the program.
THE 5-10 FINANCED PROPERTIES PROGRAM CRITERIA
To finance a home via Fannie Mae’s 5-10 Properties program, the following criteria must be met with no exception :
- Own between 5 and 10 residential properties, each with financing attached
- Purchase : 25% down payment is required for 1-unit; 30 percent is required for 2-4 units
- Refinance : 30% equity is required for all property types (1-, 2-, 3-, or 4-unit)
- Minimum credit score must be 720
- There must not be any mortgage lates within the prior 12 months on any mortgage
- There must be no bankruptcies or foreclosures in the prior 7 years
- There must be 2 years of tax returns which rental income from all rental properties
- There must be 6 months of PITI reserves on each of the financed properties
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