I want to purchase rental (single family homes) and I would like to purchase 3 different properties at one time. The problem I am running into is the banks always say that I can only get one per year because I have to "season the loan" I would like to purchase 3 at one time how do I get financed for this or is there a certain type of loan I should apply for ? I currently own 2 rental properties with no lates for two years... please help.??? Thank you so much.
2007-07-23 10:13:20 · 3 answers · asked by terrywack 1 in Business & Finance ➔ Renting & Real Estate
Your question makes no sense. You can have 4 fannie mae/freddie mac loans. There is no seasoning to buy a purchase property. You just simply go buy it and meet the requirements for the lender.
Im sorry Im totally confused, your question makes no sense, can you do an update I would answer it if I could, but it makes no sense to somebody that does mortgages.
We clearly arent getting the entire story. Plus help us out.
2007-07-23 10:23:44 · answer #1 · answered by financing_loans 6 · 0⤊ 0⤋
I think that you need to find a banker that you can form a personal relationship with and explain what you are trying to do. They should be able to help.
If the three properties are owned by different sellers, then you will probably need three loans and three closing meetings, etc.
2007-07-23 10:18:29 · answer #2 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
It looks like you are using one bank to try and do this. My advice is to use a mortgage broker, you can use different banks for each property. I just recently did 4 loans in one shot for someone and didn't run into any problems.
2007-07-23 10:23:55 · answer #3 · answered by marxistharpist 2 · 0⤊ 1⤋