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What is the maximum number of financed properties?

Limits on the Number of Financed Properties

The following table describes the limits that apply to the number of financed properties a borrower may have.

Subject Property Occupancy Transaction Maximum Number of Financed Properties
Principal residence Transactions other than HomeReady loans No limit
Principal residence HomeReady loans DU and manually underwritten - 2
Second home or Investment property All DU - 10

Exception: High LTV refinance loans are exempt from the multiple financed property policies. See B5-7-01, High LTV Refinance Loan and Borrower Eligibility for additional information on these loans.

The number of financed properties calculation includes:

  • the number of one- to four-unit residential properties where the borrower is personally obligated on the mortgage(s), even if the monthly housing expense is excluded from the borrower’s DTI in accordance with  B3-6-05, Monthly Debt Obligations

  • the total number of properties financed (not the number of mortgages on the property nor the number of mortgages sold to Fannie Mae), with multiple unit properties (such as a two-unit) counting as one property;

  • the borrower’s principal residence if it is financed; and

  • the cumulative total for all borrowers (though jointly financed properties are only counted once). For HomeReady loans, financed properties owned by a non-occupant co-borrower that are owned separately from the borrower are excluded from the number of financed properties calculation.

The following property types are not subject to these limitations, even if the borrower is personally obligated on a mortgage on the property:

  • commercial real estate,

  • multifamily property consisting of more than four units,

  • ownership in a timeshare,

  • ownership of a vacant lot (residential or commercial), or

  • ownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home).

For complete details, see B2-2-03, Multiple Financed Properties for the Same Borrower.

 

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