National City Mort has the note on my home and sent me a letter asking if I want to refi. I do have a rental prop. that I would like to refi so I called them up. I got switched to about 5 different people but they were all nice. I finally got transferred to the right person. First thing she asked is how many properties I owned including my house. I responded with "I own 4 but only have 3 notes." She said that's good because under the new lending rules I could only OWN 4 properties. I reiterated that I only had 3 notes and what does it matter if I own 30 properties. I still only have 3 notes. She re-emphasized the new Fredie and Fanny rules.
Are those really the new rules? You can only own 4 properties max. whether they have notes or not?
She is still working on a good faith estimate for the prop. I want to refi but I doubt they can do the deal. I'll keep looking at other lenders.
Are those really the new rules? You can only own 4 properties max. whether they have notes or not?
She is still working on a good faith estimate for the prop. I want to refi but I doubt they can do the deal. I'll keep looking at other lenders.
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