For the few that will be affected by this, FNMA is cutting back on the number of homes that you may mortgage.  The guidelines will be effective mid-august at most large lenders. 

Buying a 5^th vacation home or investment property? Well, FNMA is not going to lend on five homes anymore.  Sorry, too risky. The maximum amount of second homes one may finance in the United States is four.  Count them four….this of course excludes your primary mansion and any of your homes outside of the US.

Investment properties have been limited to four max, down from ten investment properties.  Please note lenders can max out the number of loans they give to one borrower as well as the maximum amount of dollars they will lend to one person, regardless of number of homes.

What to do when you have reached your limit?  Pay cash.

– Dale Robyn Siegel