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I have multiple financed properties? Can I still get a mortgage?

September 27, 2013 by Scott Sheldon

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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
  • occupancy
  • 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!

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Filed Under: Purchase Mortgage Loans Questions and Answers, Refinance Loans Questions and Answers

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Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
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Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

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