Has anyone been approved for 3 mortgages?

Hi Dh and I each own a condo in our own names we each have a mortage, we currently rent his out and live in mine, we are looking to purchase a house and rent out my condo- has anyone ever held 3 mortgages? Our mortgage broker is saying he can get us a mortgage but I am scared to death of carrying 3 mortgages. We have no other loans or CC bills, realistically we can only afford to put down around 10,000.If I sell my condo I will most likely lose about 92,000...
Any advice?

Re: Has anyone been approved for 3 mortgages?

I would suggest speaking to a few different mortgage professionals to confirm the pre-approval. I would make sure they are doing a thorough pre approval including analyzing your income returns, paystubs, bank statements.

Has anyone been approved for 3 mortgages?

I agree with the above poster. Also when we were going to have 2 we had to make sure we had 6 months worth of payments for each mortgage in savings. GL!!

Re: Has anyone been approved for 3 mortgages?

When we had investment houses - we had more than 3 mortgages. It's stressful, and makes you very dependent on good tenants - but is manageable. We did it for 10 years or so and it was fine for us (but we were blessed with good, long-term tenants).

Re: Has anyone been approved for 3 mortgages?

if you both rent for more than a year then you can count the rental as income if less than year it is not income and cannot be counted, we were approved for 2 condo and new home but 3 i would be a bit nervous about, if you get a bad tenant in both who dont pay or badly damage place, I would be really uncomfortable having 3 and having to throw money away on fixing things or paying for places we dont live. I would also check with another loan officer after getting pre-approved.