I own a property now and i'm trying to buy another one so i can live in. For some odd reason were having tons of difficulties
2007-09-29 07:22:36 · 6 answers · asked by joseek991710 1 in Business & Finance ➔ Renting & Real Estate
You can legally own as many as you can afford. There are restrictions that would interfere with the financing. You can only have a certain number of FNMA loans at one time. You may only be able to afford so many payments. Your other loan may be a recently created loan where you said it would be homeowner occupied.
If you are getting your loan thru a company over the Internet that may be your problem. You should always get a mortgage loan thru someone that you can sit across the desk from and talk to. Then when a question came up like this you wouldn't have to wonder-they would tell you why.
2007-09-29 08:37:40 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
Joseek.......
If you don't understand why you are having difficulties than you are using the wrong loan officers/mortgage broker/mortgage specialist..whatever they call themselves etc....
The amount of your current place that you don't live in is going to be a factor in qualifying you. It can affect your income positively or negatively.
Your agent should be able to explain just what factors are affecting your eligibility.
Watch out for so called agents that play it up that you are a really hard case.....with lots of diffuculities.....so he can establish a psychological need for you to use him ...only he can help. Don't fall for it. Get a 2nd opinion of someone who can tell you why your circumstances make this is a difficult loan.
Here is the general answer to you first question.
if you make $100 a month on a home you own (after rent and costs)
how many can you afford to buy?
If you lose $100 a month on a home you own (after rent and costs)
how many can you afford to buy?
YOu can own as many as you can qualify to buy.
Open Book Advisorsâ¢
2007-09-29 11:26:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
huh? There is no law as to how much property you can own. This is a free country, if you can afford it you can buy it. Presently I own 26, with 2 more in escrow.
2007-09-29 08:14:08 · answer #3 · answered by Landlord 7 · 0⤊ 0⤋
I didn't think there was a limit to how many properties you could own.
But your best bet is to call a real estate office, or something similar, and ask them.
2007-09-29 07:30:14 · answer #4 · answered by karmaa 3 · 0⤊ 0⤋
You can own as many as you can afford in CA and in ant other state.
2007-09-29 12:40:07 · answer #5 · answered by Classy Granny 7 · 0⤊ 0⤋
There's no limit. You could own thousands if you could afford it. A few folks do.
2007-09-29 09:21:52 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋