The loan officer you have spoken with seems to not have a good understanding of the regulations regarding the number of mortgages one can have and still qualify for a new loan; given all other guidelines are meet. SOME lenders do restrict you to four total home loans, but this is a guideline that is specific to that lender. Fannie Mae allows individuals to have up to 10 mortgages, however, the guidelines for approval on mortgages 5 – 10. To obtain mortgage 5 – 10, one must meet the guidelines below:
- 25% Down on Single Family homes & 30% on multi family
- Credit score of 720 or above
- No late mortgage payments within 12 months
- No BK or Foreclosure in 7 years
- Two Years Tax Returns Showing all rental properties
- 6 month of PITI reserves
However, if you use non-GSE financing options you would be able to secure as many mortgagees as you are able to afford/qualify for, but these options are traditionally at less favorable terms when compared to GSE loans.