Conventional Loans for Properties 5-10?

1. Posted: 10/26/2010 at 12:30PM
Citimortgage will lend to someone with more than 4 mortgages, but they require a 720 credit score and a maximum 70% LTV:
* 30 year fixed = 4.75% + 1.75 pts, or about 5.375% if you finance the pts.
* Must have 6 mths cash reserves on all properties (Fannie standard)
* LTV will actually go to 75%
* Only 1 and 2-unit properties, no 3's or 4's
* Lender fees of $665 (this is very competitive)
* He stated up front will be lengthy underwriting, having to verify operating results on 5+ properties
* Will loan down to $10K, believe it or not.

2. Posted: 10/27/2010 at 02:53PM
OK, new buy-and-holders, here's what I've found out on investment property limits for largest US lenders.
Wells Fargo -> 4 investment + 1 home = 5
B of A -> 4 investment + 1 home = 5
Chase -> 4 total including home = 4
Citi -> 10 including home (no 3 or 4-unit after 4th property)
GMAC - fell asleep waiting
US Bank - fell asleep waiting
Sun Trust - fell asleep waiting
Provident
BB&T
Quicken -> 4 inv + 1 home = 5
Flagstar -> 10 including home (no 3 or 4-unit after 4th property)