Financing past the ten-property Fannie Mae limit
What loan works once I already own ten financed properties?
Fannie Mae’s ten-financed-property limit is a program rule, not a statement about how much real estate one person can safely own — and every lender in this directory sits outside that program entirely, which is the whole reason DSCR lending is the answer once a portfolio outgrows it.
- DSCR rental loan DSCR loans are non-QM and do not report against the conventional ten-financed-property limit, which is exactly the ceiling this scenario is built to get past.
- Conventional (Fannie Mae / Freddie Mac) financing Fannie Mae’s guidelines cap most investors at ten financed properties, including the primary residence — an eleventh property simply is not eligible under that program regardless of the borrower’s qualifications.
Lenders in the directory
Who publishes criteria this deal clears
Matched across all 37 lenders in the directory on published state coverage, published maximum LTV. This list is computed from stored criteria, not curated — it changes when a lender’s published figures change.
Writes the product, has not published the threshold
These 22 carry a relevant product but have not published the figure this scenario depends on, or carry no verification date. We will not claim they qualify and we will not claim they do not — ask them directly.
- A&D Mortgage
- Anchor Loans
- Civic Financial Services
- Constructive Loans
- Conventus
- Deephaven Mortgage
- FundLoans
- Genesis Capital
- Harpoon Capital
- Lendai Finance
- LendingOne
- LoanFunders
- Logan Finance
- Merchants Mortgage & Trust
- MoFin Lending
- Mortgage Capital Funding
- OfferMarket
- Park Place Finance
- Renovo Financial
- ROC Capital
- Temple View Capital
- Velocity Mortgage Capital
What the ten-property limit actually is
Fannie Mae’s conventional guidelines cap the number of financed properties an individual borrower can have — including their own primary residence — at ten under its standard investment property program. It is a program eligibility rule set by the agency, not a credit or income limitation, which means a borrower who is otherwise perfectly qualified simply cannot use that specific program for an eleventh property.
Why DSCR lending sidesteps the limit entirely
Every lender in this directory is a non-QM or hard-money lender rather than an agency (Fannie Mae / Freddie Mac) originator, so the ten-property limit — a rule specific to that agency program — simply does not apply. This is one of the cleanest cases in this whole site of a wrong-tool problem with a straightforward right-tool answer: the conventional path has a hard ceiling, and the non-agency path this entire directory covers does not.
Why published state footprint matters more at this scale
An investor with ten or more financed properties is, almost by definition, operating across multiple markets and often multiple states. This page filters on published state coverage specifically because knowing which lenders confirm their actual licensed footprint — rather than describing themselves as "national" without a number — becomes more decision-relevant the more geographically spread the portfolio is. Only 13 of the 37 lenders in this directory publish a specific state count.
Why this page also requires a real leverage ceiling
Scaling past ten properties usually means preserving capital across each new purchase rather than putting a large down payment into every single deal, so this page also filters to lenders publishing a maximum LTV of at least 75%. A lender with a confirmed footprint but a low published leverage ceiling forces more cash into each acquisition, which works against the reason most investors are scaling a portfolio in the first place.
What does not change at this scale
DSCR qualification mechanics are identical whether it is a borrower’s first rental or fifteenth — the loan is still evaluated on that specific property’s income against its own payment. The complexity that does increase with portfolio size is more practical than mechanical: tracking reserves across more properties, coordinating insurance, and managing more moving pieces at tax time.
What to have ready
- Schedule of real estate owned, with financing status for each property
- Current DSCR figures or rent rolls for the property being financed
- Entity structure documentation if properties are held across multiple LLCs
Questions
Does the ten-property limit include my primary residence?
Is there a portfolio-size limit on DSCR loans?
Why does published state coverage matter more once I own this many properties?
Terms used on this page
- Non-QM Loan — A non-QM loan is a mortgage that does not meet the Qualified Mortgage standard, usually because it verifies income by some route other than tax returns. It is a documentation category, not a credit-quality one.
- Debt Service Coverage Ratio (DSCR) — DSCR is a property’s gross monthly rent divided by its total monthly mortgage payment. A DSCR of 1.00 means the rent exactly covers the payment; 1.25 means rent exceeds the payment by 25%.