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Everything you need to know about getting a portfolio loan. Portfolio loans are a perfect opportunity for borrowers seeking home financing, but don’t fit within normal lending guidelines.
Here are some scenarios where a portfolio loan might be a good fit:
- Recent credit issue – Bankruptcy, foreclosure, short sale, ect. – but now back on their feet
- Unique property type – Non-warrantable condo, log cabin, etc.
- Foreign National – Borrowers new to the US with no credit established
- Investment property – Borrowers with a high number of investment properties that are already financed
- Self-Employed – Borrowers with unique income due to being a business owner
Here is the original article: https://www.balanceprocess.com/what-is-a-portfolio-loan/
In the podcast I mentioned there is a way for borrowers to get approved for conventional financing without having 2 years self-employed income, here is the full video on that – https://youtu.be/t9fIAegHCr8
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