Posted by ken in sc on February 02, 2005 at 12:42:53:
nt
Problem w/ too many mortgages - Posted by Chris Sullivan
Posted by Chris Sullivan on January 31, 2005 at 17:46:34:
I have applied for a new loan for a new primary home for my family. I have 7 rentals and one current primary home. I am told by my lender that I have been “flagged” by fannie mae for having too many mortgages. Obviously, I have heard of this before, but what is the real story here from those of you who have encountered it? Thanks, as usual, in advance.
Chris
WAMU - Posted by ken in sc
Posted by ken in sc on February 01, 2005 at 06:37:21:
Try Washington Mutual. They seem to have the best programs for people with a lot of rental houses. I have many more than you and they will still finance me.
Ken
Re: Problem w/ too many mortgages - Posted by Rob Ricker
Posted by Rob Ricker on January 31, 2005 at 23:03:00:
It sounds like all or most of your mortgages have been backed/bought by the conventional market. You, most likely, C-A-N continue to get mortgage financing, but you’ll have to avoid conventional lenders (Fannie Mae & Freddie Mac) There are planty of subprime lenders that you can turn to. It will likely cost you a couple of percentage points more than you’re accustomed to, but the good news is that subprime lenders don’t charge mortgage insurance! Talk to a mortgage broker about your options. If you’re in Tennessee, I can help!
Re: WAMU - Posted by John
Posted by John on February 02, 2005 at 11:40:14:
Ken, What part of SC. Thanks