Portfolio mortgage requires a minimum credit score 640. A portfolio mortgage is
a loan that is made by a lender that does NOT sell the loan to the Fannie Mae and Freddie Mac. Because they don’t sell the
loan off to Freddie or Fannie, they don’t have to follow any of the requirements that Fannie and Freddie have. Examples of portfolio mortgages are jumbo loans, stated income loans, loans for foreign nationals and loans for investment properties.
Jumbo loans require 15% down payment up to 1 million dollar no mortgage insurance and 20% down payment up to 1.5 million.
- Eligible loan terms include fixed terms (10, 15, 20, 25 and 30) and adjustable rates (5/1, 7/1, 10/1/)
- Interest Only on 30 year fixed or 10/1 ARM (10 year I/O period)
- Up to $4 million loan amounts
- 85% LTV to $1 million on condos
- 80% LTV to $1 million on second homes
- No mortgage insurance
- Up to 48/58 DTI (vs 35/45 at most lenders)
- Self-employed okay
- Income sources include W2, self-employed and liquid assets
- Liquid assets may be used for income qualification. May be used for both self-employed and W2 borrowers.
- No seasoning requirements for Cash Out
- Jr. Liens can be paid off as Rate/Term with 6 months seasoning on the lien
- Close in the name of an LLC or Corporation
- No Prepayment Penalty
What documentation will I need for a portfolio loans?
- Personal tax returns for the past 2 years
- Current pay stubs for the past month
- Bank statements for last 2 months (all pages)
- Latest retirement statement for each active account (all pages)
- Sales contract (purchase)
- Clear copy of Driver’s License (front and back)
- Clear copy of SS card (front and back)
- Addresses and loan information of other real estate owned (if any)
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We look forward to working with you.