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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No limits to taking title "subject to" the existing financing. Posted by Ward-CA- on August 05, 2003 at 8:13 PM In Reply to: # OF HOUSES OWNED? posted by Jim Shrout on August 05, 2003 at 4:10 PM : : Ward, : I read in an earlier post that one can only acquire up to 4 properties and then will not qualify for loans after that? I am asking here so if im incorrect let me know. I think I read that after 4 you must take the properties "subject to" the loan...but then what? Wont you have to refi the house to get it in your name if you plan on keeping it? Please clarify this for me, thank you Ward. =-=-=--=-=-=-=--= Jim, Yes, FNMA’s (fannie mae’s) underwriting standards put a limit of 4 on the number of encumbered homes a borrower can be paying on at the same time. There’s no connection between your ownership of a property and who is actually liable for the loans secured by the title to that property. So no, you won’t have to refi the house just because the existing loan is in someone else’s name. You can just pay on the existing loan as long as you want. Follow Ups: Re: No limits to taking title "subject to" the existing financing. Jim Shrout 7:51 AM, 08/06/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : : Ward, : : I read in an earlier post that one can only acquire up to 4 properties and then will not qualify for loans after that? I am asking here so if im incorrect let me know. I think I read that after 4 you must take the properties "subject to" the loan...but then what? Wont you have to refi the house to get it in your name if you plan on keeping it? Please clarify this for me, thank you Ward. : =-=-=--=-=-=-=--= : Jim, : Yes, FNMA’s (fannie mae’s) underwriting standards put a limit of 4 on the number of encumbered homes a borrower can be paying on at the same time. : There’s no connection between your ownership of a property and who is actually liable for the loans secured by the title to that property. : So no, you won’t have to refi the house just because the existing loan is in someone else’s name. You can just pay on the existing loan as long as you want. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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