Why is it difficult to get a home equity loan?
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Question by PatoJAM: FHA rules forbid people from having more than four home loans. Where to get a mortgage for my fifth house?
Best answer:
Answer by Expert Realtor
When you have more than X number of homes, here you generally need to start getting commercial loans which are more diffcult to get.
You can’t get an FHA loan for anything other than your own, cialis 40mg primary residence, or else you’ll be committing occupancy fraud.
What do you think? Answer below!
do you mean 5 mortgages at one time or one after each other, only owning one house at a time?
if you are only owning one house at a time and you are going for your 5th, why would you need an FHA mortgage? you should have plenty of equity by now for a conventional mortgage
and if you currently own 4 houses and are trying to buy a 5th, it wouldn’t matter, because any bank is going to require a 20% down payment for any home after your primary residence and POSSIBLY ONE vacation home – because they will classify it as an investment property -and do you even have the income to qualify fro 5 mortgages at once? they would have to be very inexpensive homes or you have to have a very high income, which also then begs the question – if you make so much money, why do you need such a low down payment mortgage?
I recently refinanced my home and at first the mortgage company lady told me that I could not do that because I own five rental properties and they all have mortgages. My home loan has about 35% equity.
I just called back the next day and got a different lady and the new one said there was no problem.
So my guess is that sometimes (often) the first person you talk to is not correct when they come up with a problem. Try a second person.