FICO Score 500 - 549
Portfolio Loan: Poor or Bad Credit Risk Offset By Larger Down Payment Requirement
We offer Portfolio mortgage loans that other lenders will not make. These loans are serviced by a Porfolio lender. The Portfolio loan is not sold and is not subject to the limitations of the secondary market (Fannie Mae or Freddie Mac). These lenders hold the loans [in house] and therefore they have their own underwriting guidelines. The secret is that we understand the borrower profile that fit the Portfolio Lender mortgage program.
The are no pre-qualification and no pre-approvals for this type of loan. We requires a full application, verification of income, and credit in order to price out the loan. Amortization period is 360 months. Rates are based on a combination of factors including credit score, loan-to-value, debt-to-income, property type, and loan size. Origination points are charged.
Some of the loans that would be entertained:
- FHA 3.5% down payment
- Prior Bankruptcy
- Prior Foreclosure, 1 day out of foreclosure is okay. Larger, minimum 10% down payment required.
- Prior Short Sellers
- Prior Modification
- Up to 80% Loan-To-Value (Non-FHA)
- Debt-To-Income up to 55%
On-Line Inquiry. Call us today toll-free at 800-327-0123 and let us help you determine which program meets your specific need.