Portfolio loans can be a powerful alternative to many common lending restrictions of the mainstream - Fannie Mae, Freddie Mac, FHA type programs. Because portfolio loans are retained by the lender and are not sold in the secondary market, lenders make their own, common-sense rules, specifically to offer alternate solutions. Below are the highlights. /// In the next issue, a summary of the stipulations for converting a property from owner-occupied to non-owner occupied. /// Comments, questions, service? Contact me. – Paul Luykx, Mortgage Banker (What's a Mortgage Banker?)
Portfolio loan features/benefits
The list below is incomplete because a portfolio loan can be "a fit" in so many unique circumstances. As you read through it you can probably think of a few of your own situations yourself. In addition, because the documentation and verification standards are different, sometimes a portfolio loan is a solution just because the paperwork, or circumstances are not a fit for another type loan. (The documentation requirements for condos for example is a lot lighter).
The list below is incomplete because a portfolio loan can be "a fit" in so many unique circumstances. As you read through it you can probably think of a few of your own situations yourself. In addition, because the documentation and verification standards are different, sometimes a portfolio loan is a solution just because the paperwork, or circumstances are not a fit for another type loan. (The documentation requirements for condos for example is a lot lighter).
- No Mortgage Insurance to 90% LTV
- Jumbo loans to $5,000,000
- HELOCs to 85% LTV. Great for REO investors with "free and clear" homes
- 2nd fixed rate mortgages to 85% LTV
- 620 min. Fico
- 50% max. Debt To Income (DTI)
- One month (rolling) mortgage late allowed
- Vacation homes to 80% LTV
- 3-4 Family Owner Occupied to 80% LTV
- 1-4 family investment to 80% LTV
- Condominiums with <40% rental units
- No rate add for acreage
- No rate add for any loan <$1,000,000
- No rate add for cash-outs
- No rate add for condo, manufactured/modular homes
- No rate add for escrow/impound waiver
- No rate add for rural properties
Any questions?
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