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PORTFOLIO MORTGAGE LENDERS

PORTFOLIO MORTGAGE LENDERS

PORTFOLIO MORTGAGE LENDERS EXPLAINED: If you are having trouble getting pre approved for an FHA mortgage, VA mortgage, or even a conventional bank mortgage someone may recommend that you contact “a  Portfolio Mortgage Lender,” and and you wonder what it is? In many cases, when a mortgage applicant who does not qualify for a conventional loan program that fits Fannie Mae, Freddie Mac or even FHA, they are told they need to seek out a  portfolio mortgage lender. The good news is WE ARE PORTFOLIO MORTGAGE LENDERS!

PORTFOLIO MORTGAGE LENDERS OVERVIEW

  •  Loans up to $2 million
  •  Credit scores starting at 500
  •  Up to 80% LTV
  •  2 Years Seasoning BK/FC/Short Sale
  •  DTI above 43% considered
  •  Asset Depletion can be used for income
  •  100% Gift Funds Allowed
  •  30 year fixed; no pre-payment penalty

PORTFOLIO NON PRIME/RECENT HOUSING EVENT

  •   1 day out of foreclosure, short sale, deed-in- lieu
  •  No BK seasoning in certain circumstances
  •  Up to 80% LTV
  • Bank statement program for self-employed borrowers
  •  Credit scores starting at 500
  •  Non-Warrantable Condos OK
  •  Jumbo Loans down to 500 Credit Score
  •  100% Gift Funds Allowed
  •  30 year fixed; no pre-payment penalty
  •  Loans up to $1 million

BANK STATEMENT ONLY PORTFOLIO MORTGAGE LENDERS

  •   Bank Statement income can be used on our Non-Prime/Recent Housing Event and Investment Property programs
  •  Credit scores starting at 540
  •  Must be self-employed
  •  24 month personal bank statements only
  • Transfers from business into personal account are acceptable
  •  No tax returns required

INVESTMENT PROPERTY PORTFOLIO MORTGAGE LENDERS

  •  Credit scores starting at 560
  •  Up to 80% LTV; up to 50% DTI
  •  Bank statement program for self-employed borrowers
  • 1 day out of foreclosure, short sale, deed-in- lieu
  •  Properties in LLC
  •  Up to 20 properties financed (5 with AOMS)
  •  Single family, townhomes, 2-4 units, condos
  •  Use a lease to wash new payment

INVESTOR CASH FLOW PORTFOLIO

  •  Qualification based on property cash flow
  •  No personal income used to qualify
  •  Credit scores starting at 660
  •  Up to 70% LTV
  •  1-4 units and condominiums (warrantable)
  •  Loans up to $1 million
  •  No limit on the total number of properties

BUY 1 DAY AFTER A BANKRUPTCY OR FORECLOSURE!

Simply defined, a portfolio mortgage lender is a bank or other lending institution that makes mortgage loans that it does not intent to sell to the secondary market.  Portfolio mortgage lenders hold these loans in their investment portfolio and do not sell the loan. As a result Portfolio mortgage lenders can often approved borrowers offering greater flexibility when other bank mortgage lenders decline.  Mortgage lenders that portfolio their own loans can make their own underwriting decision based on their own qualifying criteria and are not concerned with selling these  mortgage loans to fit another lenders approval standards.Portfolio  mortgage lenders are not garbage cans. These  mortgage lenders do not accept every  mortgage request. In today’s  mortgage market every Portfolio mortgage lender has their own specific mortgage qualifying criteria. We have access to many  portfolio mortgage lenders that provide No credit  mortgage loans and bad credit  mortgage loans to FHA purchase, FHA refinance or other  mortgage programs for those that fit the lenders specific criteria. We suggest you apply today to see if you meet our  portfolio mortgage lenders criteria.Today, portfolio  mortgage lenders might be a small community bank that many are unaware of. These small  portfolio mortgage lenders are often privately held and have more discretion in the way they approve or decline  mortgage applications than the larger stockholder driven  mortgage lenders. Depending on the demand of the  portfolio lenders mortgage programs these mortgage lenders can sometimes make loan underwriting decisions based more quickly. For example,  bad credit mortgage applicants may find that their current long term banking relationship might influence a positive loan decision from a portfolio mortgage lender.To fully understand the concept of a  portfolio lender it is first useful to understand the alternative portfolio lending. You might ask: How can a  mortgage lender sell a mortgage? Why would a bank make a mortgage loan, and then sell it? Who would buy a  mortgage, and why?The reason is that mortgage loans are considered investments. For true portfolio  mortgage lenders, mortgage loans are also investments in their customers and their investments in there anticipated returns on investment, the interest paid over the life of the loan, and degrees of risk and the possibility that the interest and or the principal will not be repaid.Like other  real estate investments,  mortgage investing has its own potential risks and rewards that can be sold or purchased by another investor. To offer a mortgage investors sufficient return on investment on a mortgage that was made at market interest rates, the  mortgage originator may have to sell the mortgage loan at a discount. Or, to offer a secondary market investor a hedge against extra risk, the originator may have to make riskier loans at rates well above market rates.Banks and other mortgage lenders are investors that allocate a percentage of their total assets to mortgage loans in order maintain a balanced portfolio. At any given time, they feel they have too great of a percentage of assets invested in mortgages and decide to sell some loans to other investors.Many mortgage lenders use the funds received from selling mortgage loans to replenish their funds in order to make more home loans. On the other hand, a lender may want to add to its overall percentage of mortgage loans and then hold them in its investment portfolio in order to realize the full value of the investment. Some portfolio mortgage lenders hold mortgages that it funds in their own portfolio because it is important to build a solid, long-term customer relationships through the process of servicing the mortgage over the years.To understand the value to consumers of working with a portfolio mortgage lender, it is helpful to look at the investors who buy the mortgage loans originated by others.  mortgage investors who buy mortgages make up what is known as the secondary mortgage market. For residential mortgages, the largest investors in mortgage loans are two government owned institutions: (FHMA) Federal National Mortgage Association (popularly known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (popularly known as Freddie Mac,). There are several other private secondary mortgage purchasing institutions.These secondary market organizations purchase large numbers of loans from banks and other mortgage originators and then re-package the loans in groups of similar type loans to be sold again as what are known as mortgage backed securities. This mortgage backed securities are traded like stocks and bonds.Because these institutions buy so many mortgage loans from original mortgage lenders, and because they desire to limit risk for buyers of their mortgage-backed securities, Fannie Mae and Freddie Mac have developed market standard guidelines for the loans they will be willing to buy. The guidelines include such particulars as the percentage of total income that is allowable for a borrower to spend on the total housing obligation including mortgage payments, taxes, insurance, HOA and total debt service, maximum loan amounts, down payment sources, and other particulars.  mortgage Lenders that wish to sell mortgage loans to Fannie Mae and Freddie Mac must make loans that conform to these strictly enforced underwriting guidelines.These secondary portfolio mortgage lenders may prevent lenders for approval loans to homebuyers that do not meet the specific criteria. This is where a portfolio mortgage lender can help. Portfolio mortgage lenders cannot be reckless in granting loans or they could go out of business very quickly. But they can and will go somewhat beyond the traditional lending guidelines if they can justify good reason.By understanding portfolio mortgage lenders, home buyers will have a better understanding of how the  mortgage process works.

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