Loans · Fannie Mae Selling GuideHow many financed properties can you have? Fannie Mae's limit for investors and second homes

Fannie Mae limits how many financed properties a borrower may have when buying or refinancing a second home or investment property (Selling Guide B2-2-03): up to 10 for loans underwritten in Desktop Underwriter. For a principal residence there is no limit, except HomeReady loans, which allow two. The count includes every one- to four-unit residential property on which the borrower is personally obligated on a mortgage – even if its payment is left out of the debt-to-income ratio – counted by property, not by mortgage (a duplex counts once), including the borrower's own financed home and the new property, with jointly financed properties counted once across all borrowers. Properties that don't count, even with a mortgage the borrower signed: commercial real estate, multifamily buildings of more than four units, timeshares, vacant lots, and manufactured homes on leased land titled as personal property. Properties financed in the name of an LLC where the borrower isn't personally obligated aren't counted either – Fannie Mae's example shows four LLC-owned two-unit rentals adding nothing to the count. Second homes and investment properties also carry additional reserve requirements based on the number of financed properties.