Portfolio Loan

A Portfolio loan is a great option for well-qualified borrowers that do not meet traditional guidelines. Rates are slightly higher than with Conventional financing, so clients often stay in these loans for a couple of years then refinance into a Conventional loan. Some examples of those that would benefit from Portfolio loans are:download

 

  • Self-Employed less than 2 years
  • Professional athlete on a rookie contract
  • Equity in other property used as collateral for new purchase
  • Borrower with a loss carry forward on their tax returns
  • Condo investment property cash-out
  • Recent short sale, foreclosure or bankruptcy

 

Primary Residence & Second Home Portfolio Loans:

 

  • Minimum 10% down payment
  • Minimum FICO (640 Experian)
  • Loan sizes $100,00 to $3,000,000
  • 30 Year Fixed Rate and no Pre-Payment Penalty

 

Investment Property Portfolio Loans:

 

  • Minimum 25% down payment
  • Minimum FICO (620 Experian)
  • Loan sizes $100,000 to $2,000,000
  • 20 Year Term with no Balloon and no Pre-Payment Penalty
  • Title can be held in a Business or Individual name
  • Rates are adjustable annually and based off of the Loan to Value:
    • Up to 67% LTV: 5.75% (WSJ Prime + 1% with a floor of 5.75%)
    • Up to 75% LTV: 6.25% (WSJ Prime + 1.5% with a floor of 6.25%)

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