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By David Ghazaryan, NMLS 1486726, iQRATE Mortgages (NMLS 1862492). Updated October 29, 2026.
Short answer: Fannie Mae and Freddie Mac cap conventional second-home and investment loans at 10 financed one-to-four-unit properties per borrower. Past that, investors use business-purpose loans: DSCR loans, blanket or portfolio loans, and commercial loans. iQRATE Mortgages is a broker that shops these lenders for investors in Nevada, California, Texas and Florida.
| What you own | Counts toward the agency 10? | Source |
|---|---|---|
| Financed primary residence | Yes | Fannie B2-2-03; Freddie 4201.13 |
| Free-and-clear rental | No (not financed) | Fannie B2-2-03 |
| Duplex, triplex or fourplex with a mortgage | Yes, as one property | Fannie B2-2-03 |
| Rental financed in your LLC, no personal obligation | No | Fannie B2-2-03 example; Freddie 4201.13 |
| Five-plus-unit apartment building | No | Fannie B2-2-03; Freddie 4201.13 |
| Property jointly financed with a co-borrower | Yes, counted once | Fannie B2-2-03 |
| Loan type | What it qualifies on | Property-count limit | Best fit |
|---|---|---|---|
| Conventional investment loan | Personal income and DTI | 10 financed (agency rule) | Investors still under 10 |
| DSCR loan | Property rent vs. payment (PITIA) | Set by lender (varies by lender) | Buying one rental at a time, closing in an LLC |
| Blanket or portfolio loan | Combined rent of several properties | Set by lender (varies by lender) | Refinancing 5+ rentals under one note |
| DSCR cash-out refinance (see BRRRR financing) | Property rent; equity in the property | Set by lender (varies by lender) | Pulling equity to fund the next purchase |
| Commercial multifamily loan | Property net operating income | Not an agency 1-4 unit count | Five-plus-unit buildings |
Loan terms, minimum DSCR, reserves, prepayment terms and credit requirements vary by lender and are not a commitment to lend. No rates or payments are quoted on this page.
A bank or a single DSCR lender can only offer its own limits. As a licensed broker, iQRATE Mortgages compares multiple wholesale and DSCR lenders, so an investor who hits one lender's exposure limit can be placed with another. For harder files, see our non-QM loan options and Nevada mortgage broker page. Call (702) 766-3744 or start an application.
With conventional loans, Fannie Mae (Selling Guide B2-2-03, dated 11/05/2025) and Freddie Mac (Guide Sections 4201.12 and 4201.13) both cap a borrower at 10 financed one-to-four-unit properties, counting your financed primary residence and the new property, when the loan is a second home or investment property. DSCR and other business-purpose loans are not bound by that cap; the limit there is set by each lender (varies by lender).
Once you pass 10 financed properties, conventional agency loans are off the table for that borrower, so investors move to business-purpose loans: DSCR loans on single properties, blanket or portfolio loans that cover several rentals under one note, and commercial loans for five-plus-unit buildings. Many DSCR lenders do not count financed properties at all, but some set their own exposure limits (varies by lender). A broker such as iQRATE Mortgages compares these lenders for you.
Under both Fannie Mae and Freddie Mac rules, a property titled in your business or LLC does not count if you are not personally obligated on its mortgage. Fannie Mae's own example in B2-2-03 counts four LLC-financed two-unit rentals as zero financed properties because the borrower was not personally on those notes. If you signed a personal guaranty or the note, ask the lender how they count it.
One. Fannie Mae counts the number of properties, not units or mortgages, so a two- to four-unit property counts as one financed property. Commercial property, five-plus-unit multifamily, timeshares, vacant lots and chattel manufactured homes are not counted at all.
Fannie Mae (B3-4.1-01, dated 08/07/2024) requires extra reserves equal to 2% of the unpaid balance on your other financed properties when you have one to four, 4% for five to six, and 6% for seven to ten (DU only). Freddie Mac (Section 5501.2) requires two months of payments on each other financed second home or rental for one to six properties and eight months each for seven to ten. Those are on top of the subject-property reserves.
Not at Freddie Mac. Freddie Mac Bulletin 2026-3 (March 4, 2026) removed the minimum 720 Indicator Score for second home and investment mortgages when borrowers will have seven to 10 financed properties. Fannie Mae requirements are set by DU findings, and DSCR lenders set their own credit minimums (varies by lender).
There is no single best lender; the right loan depends on the deal. Investors with 10+ rentals usually combine DSCR loans for individual purchases, a blanket or portfolio loan to refinance several rentals at once, DSCR cash-out refinances to pull equity for the next purchase, and commercial financing for five-plus units. Compare minimum DSCR, prepayment terms, reserves per property, entity rules and cross-collateral release terms, which vary by lender.
Yes. DSCR loans are available for investment properties in all four states, and iQRATE Mortgages arranges them in Nevada, California, Texas and Florida. Each state adds its own costs (for example Clark County real property transfer tax in Nevada and Florida documentary stamp tax), so budget them per property. Loans are for business-purpose investment property only.
Business-purpose loans for investment property only; not for owner-occupied homes. Information is educational, current as of October 29, 2026, and subject to change; program availability and terms vary by lender and borrower qualification. Talk to your CPA about tax questions. iQRATE Mortgages, NMLS 1862492. David Ghazaryan, NMLS 1486726. NMLS Consumer Access. Equal Housing Opportunity.
