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if its your primary home you are purchasing you won’t have an issue. But you would not be able to finance another Investment property thru traditional financing. That being said, since you own 100 homes already, be prepared to jump thru a series of hoops to document and provide an over abundance of proof beyond any possible reasonable doubt that the home you are buying will be your primary home and not another investment property.
There is no legal limit to the number of mortgage loans a person can have. The only limit is “will a lender make another loan to you?”. If the lender sees so many rental properties, the lender may simply assume you are falsely claiming the new one will be your primary residence. Have you considered setting up a separate company for your investment property holdings?
We own rental homes – all in good standing but would like to purchase another home as our primary home. Excellent Credit, High Income and Excellent Job Stability. We also have high money reserves – liquid cash. I’m a realtor / broker and property manager for almost 100 other homes. No evictions or foreclosures. Our personal rental properties were Great Purchases and we have Great Tenants. We want to buy new personal home.
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