How many properties can someone finance?
The answer depends on the lender you may wish to use. The average mortgage lender will do up to 4 properties including the buyers primary residence.
However, there are many institutions that will finance up to 10 residential properties.
In addition, there are some underwriting guidelines that must be followed to be considered for approval. They are:
Credit score must be 720 or greater.
Properties must be 1-4 unit homes and be in good condition and
6 months principal, interest, taxes and insurances must be in reserve by the time of underwriting for each property owned.
Ineligible properties are:
modular or manufactured homes
houseboats, coops and geodesic properties
working farms or commercial properties and
FNMA/FHLMC ineligible condos.
If you currently own a home as a primary residence and 3 investment properties you can still finance some additional properties as long as you follow the guidelines above. Please keep in mind that all other general underwriting guidelines are also in effect.