Yes, while you can still get a mortgage, the overall process might take longer. Here’s why if you live in Santa Rosa or Sonoma County, and own multiple financed properties as in more than four financed properties, your lender must put each and every property on the loan application under the schedule of real estate section. For each property your lender will need to document the following items:
- home value
- property type
- mortgage payment if applicable
- monthly property taxes
- monthly insurance
- monthly homeowners association payment if applicable
When a lender has to input, all of this information per property, the file becomes more complex in the sense that there’s more moving components hence why such transactions might take longer. Additionally, some lenders will only do up to for financed properties. We can do up to 10 financed properties however there is a pricing adjustment to reflect the additional risk brought on the different investment properties. Each property would be an investment property as typically one person has one primary residence and maybe a secondary residence with the other properties being income producing. When the other properties become income producing their perceived as investment properties and as such, there is a slightly higher rate than on a primary home.
We don’t have limitations on multiple financed properties and are willing to invest the time for your best interest. Start your mortgage rate quote from multiple financed properties. Choose from fixed and/or adjustable-rate terms with a variety of programs now!