Portfolio Mortgage Programs

A portfolio loan is underwritten and serviced by the bank lending the funds.  The benefit of a portfolio loan programs is where a borrower may not fit into the "traditional" Fannie/Freddie Mac underwriting guidelines. We will consider compensating factors such as cashflow, asset base, job stability and mortgage history. No mortgage insurance. Condominiums with litigation or high investor concentration are allowed. A mortgage late payment 1x30 in past 12 months is ok.

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A Portfolio Loan might be defined as:

1) Conventional and jumbo loans that don’t quite fit conventional agency guidelines

2) Real Estate Investors? Qualify on subject property cash flow only. Own unlimited financed properties.

3) Self Employed?  No W2, No tax return or No tax transcripts. 12 month Bank Statement Program to calculate income

4) High Net Worth Borrowers?  No Debt To Income issues with Asset Qualification. Asset base is used to calculate income to qualify.

5) International Buyer? No FICO with Foreign National Program 30% down payment

6) 1 day out of Bankruptcy or Foreclosure 25% down, Minimum credit score 600+

7) 5% down payment program for Self Employed only. Minimum credit score 640+

8) 30 day seasoning, cash out refinance (Home Flipper)

9) ITN? no social security number

10) Debt Service Coverage Loan 

11) Fix and Flip

Self-Employed Portfolio Loan

Self-employed borrowers must have credit 640+, strong asset base. Business with high sales but low profits which does not qualify for traditional financing. For example, we closed a loan for a business owner with consistent gross sales of $700,000 but net profit of $50,000. Purchased a $750,000  second home, 30% down payment.  Borrower had substantial ($300,000+) asset reserves remaining after closing. Debt-to-income ratio 60%+ was not an issue.  

12 Month Bank Statement Program

Personal or Business deposits averaged to calculate monthly gross income in lieu of W2 or tax returns.

One Day out of Bankruptcy or Foreclosure Program, Mortgage Late Payment

Examples of loans that we do that others won't: Previous bankruptcy, previous foreclosure, previous short sale, prior modification, HOEPA/Section 32 loans, mobile homes of any age, no maximum acreage, vacant land, Non-Qualified Mortgage and zoning problems. 

We are willing to take some risk and to give you a second chance. But these loans are riskier than the conventional loan so we underwrite them carefully. What does that mean to you? We don't offer prequals or preapprovals because we need to see a full application, income verification, and credit report in order to price the loan accordingly. But our conditional approval requirements are very reasonable.  Loan amounts up to $6,000,000. Down payment based on credit score.  Gift as part of down payment are okay.

No Doc (No Income, No Tax Returns) 

Purchase or Refinance programs for W2 wage earner or self-employed borrowers.  No minimum credit scores, 35% down payment.  Assets are verified. Owner occupied or Investment and 1 - 4 unit properties. We can use asset depletion as source of income to qualify, maximum debt-to-income ratio 60%.

Loans to $1 million 35% down payment

Loans $1- 3 million 40% down payment

Loans $3 million + 45% down payment

Benefits of Portfolio loan

  • High debt-to-income ok
  • No mortgage insurance 
  • Loan to $1 million
  • Fast 2 week approval 
  • Alternative to Fannie or Freddie Mac underwriting
  • High investor concentration allowed
  • Association litigation ok
  • Finance 10+ investment properties 75LTV
  • We may have a loan [mortgage] program that can work for you! Complete the short Portfolio Inquiry form.  Complete a Online application
Links:

Avoiding Foreclosure

Talk to a Home Counselor

What is Mortgage Insurance?

Fannie Mae Mortgage Programs