How many mortgages can you have? What counts, what doesn’t, and why

What you’ll learn

— How many mortgages you can have at once for primary residences and investment properties

— Fannie Mae and lender requirements to qualify for multiple mortgages

— Tips for managing multiple financed properties

— Alternative funding methods

If you’re looking to get into real estate investing or expand your portfolio, you’ve probably pondered how many mortgages you can have. Knowing your limits up front helps you plan purchases and avoid costly surprises.

This guide walks you through what it takes to hold multiple mortgages, including how to qualify and manage them. You’ll also get tips for handling several loans at once and diversifying your financing strategy.

How many mortgage loans can I have?

You can hold multiple mortgages, but the rules vary by loan type. Here’s a quick overview:

— FHA loans: The Federal Housing Administration (FHA) allows just one, though you may qualify for a second if you’re relocating for work, growing your family, or vacating a jointly owned property. 

— VA loans: Veterans Affairs (VA) limits you to two loans. But the new property must be your primary residence, not investment properties or vacation homes.

— Fannie Mae loans: Conventional loans backed by Fannie Mae allow you to finance up to 10 properties. This limit counts only financed properties. This means that once you reach ten, you can’t use a conforming conventional mortgage to buy another one. 

For every borrower, there’s a practical loan limit. Juggling two or three might be doable, but taking on more can get tricky. You’ll have multiple due dates to track, different loan terms to manage, and higher overall debt. Also, keep in mind that qualifying gets tougher as you add more loans. You’ll typically need higher credit scores (around 720 or more) and bigger down payments (25% or more for investment properties). 

What do I need to qualify for multiple mortgages?

Whether you can get multiple mortgages depends largely on your credit and overall financial profile, just like any other loan. Here’s a quick table summary of the most important details for easy reference.

Income

Fannie Mae doesn’t set specific income minimums or maximums, but lenders must verify that you have a stable source of income large enough to comfortably cover your mortgage payments. You can show this with documentation such as W-2s, tax returns, and asset statements.

Credit score

While there used to be credit score requirements (at least 620) for financing second homes and investment properties, Fannie Mae removed these limits in November 2025.

Debt-to-income (DTI) ratio

This metric looks at how much of your monthly income goes toward paying down existing debt balances, which helps lenders see your application as less risky. Fannie Mae generally wants your total debt payments to stay around 36% of your monthly income. You can go up to 45% if your credit score and savings meet certain eligibility requirements in the Eligibility Matrix.

Down payment

Down payment requirements vary depending on whether the property is owner-occupied or an investment. For one to six mortgages, Fannie Mae asks for a down payment of at least 15%, depending on your loan type, credit, and the property itself.

When you’re applying for seven to 10 mortgages, lenders usually tighten their requirements. Expect to put down 15–20% on each single-family investment property and up to 25% on duplexes, triplexes, and four-plexes.

Cash reserves

Cash reserves give lenders confidence that you can handle your mortgage payments even if your income drops unexpectedly. These funds act as a financial cushion, showing you’re prepared for unforeseen challenges.

Cash reserves are tied to the total outstanding balances across your financed properties. Fannie Mae’s cash reserve conditions are divided into three categories instead of two. Here’s how they shake out:

— 1–4 properties: 2% of the aggregate unpaid principal balance (UPB)

— 5–6 properties: 4% of the aggregate UPB

— 7–10 properties: 6% of the aggregate UPB

Can you have more than one mortgage? What you need to know

You can have two mortgages at once, but staying on top of them takes planning. Automation and organization tools can help, but you’ll also need to manage your cash flow carefully. These tips can help you keep your investment strategy on track:

— Build an emergency fund: Save extra cash beyond the required reserves to give yourself a cushion if your income changes unexpectedly.

— Stay organized: Keep all your loan details — payment amounts, due dates, and terms — together in one place. Use automatic payments to avoid missed bills, and outline how you’ll manage each mortgage.

— Work with the same lender: Using one lender for all of your mortgages cuts down on paperwork and simplifies communication. Building a relationship with a loan officer can also make future applications smoother, especially if your accounts stay in good standing.

If you want a lender that understands the ups and downs of real estate investing, Better has your back. Get pre-approved in as little as three minutes, and lock in a competitive interest rate — with no origination, application, or underwriting fees.

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Alternative financing options for investors

Traditional mortgages aren’t the only avenue for financing an investment property, though they often carry less risk. Here are some other options to discuss with your financial advisor:

— Portfolio loans: The lender sets its own rules and keeps the mortgage on its own books instead of selling it to investors. This makes portfolio loans a good option for investors who’ve reached Fannie Mae’s 10-mortgage maximum. Because the lender holds the full risk, interest rates are typically higher.

— Blanket mortgages: These loans let you finance multiple investments under a single agreement, which can streamline the process and reduce costs like multiple closings and repeated appraisal fees.

— Hard money loans: These are short-term loans from private lenders that use the property as collateral. They’re usually faster to get than traditional mortgages, but the interest rates are higher.

Build your investment portfolio the Better way

You can have two mortgage loans — or even more — but you need the right lender to make it manageable. Better works to simplify this process from start to finish. Compare your options, get pre-approved, and complete our easy application without stress. Our streamlined approach could help you close up to 10 days faster than the national average.

Get pre-approved today, and jumpstart your next big move.

...in as little as 3 minutes – no credit impact

FAQ

Is it hard to manage several mortgages at once?

It can be tricky. Tracking multiple payments, due dates, and expenses takes careful planning. Using tools like budgeting apps or automatic payments can make it much easier.

How many home loans can you have?For conventional loans, Fannie Mae allows up to 10 financed properties. Government-backed loans have stricter limits: the FHA usually permits one, and the VA allows two.