Fannie Mae and Freddie Mac purchase the majority of today’s mortgages. Before either of these two entities can purchase a mortgage, the loan must meet specific conditions, regardless of the lender. Loans that meet these conditions are called conforming or conventional loans. Sometimes borrowers have financing needs that cannot be met with a conforming loan. Portfolio loans are loans that a lender keeps on their own books and therefore are not subject to the same requirements as the loans purchased by Fannie Mae or Freddie Mac. An in-house portfolio loan from JZ Mortgage Services, Inc may be a valuable option for Florida borrowers throughout Bradenton, Sarasota, St. Petersburg, Clearwater, Tampa, and the rest of our great state.
Conforming loans have a maximum loan limit for a Single Family Home of $453,100 or up to $679,650 in what are considered high-cost areas, or with our Portfolio High Balance Conforming Program. The loan limits are higher on 2-4 unit houses as well. Loans that exceed these limits will not be eligible for purchase by either entity. Loan amounts higher than conforming limits are called Jumbo Mortgages. Borrowers looking for loan amounts greater than these limits often have strong credit and good income making them ideal candidates for portfolio loans. We do have programs for clients with less than great credit as well. JZ Mortgage Services, Inc. offers great rates and flexible terms on jumbo loans for borrowers that qualify. We have programs up to 95% loan to value for Jumbos!
Portfolio loans can also be an option for those who do not have perfect credit history, employment or income issues, or for some reason not able to qualify for a conforming loan. Some individuals are forced to file for bankruptcy after unfortunate events such as a job loss. Others may have had temporary difficulties making mortgage payments at one time which have left a mark on their financial history or short sale. Even if you have had several late payments within the past year, you may still qualify for a Portfolio Program. By keeping these loans on their own books, lenders can provide us with niche portfolio programs, and we are able to offer flexibility in these areas. This type of flexibility is not always available with conforming or government-backed loans.
Buyers interested in purchasing investment properties can also take advantage of portfolio loans. Many traditional mortgage loans are available only if a buyer will be occupying the home as their primary residence. Portfolio loans can be a valuable option in these situations. We have investor friendly programs with limited documentation, no tax returns needed, and no ratio requirements.
Portfolio Loans from JZ Mortgage Services, Inc
- Loan amounts up to $10,000,000
- 95% LTV Jumbo
- High Balance Conventional to $679,650
- 90% LTV Bank Statements Only
- Assets Only / No Income Loans
- Conventional Fall Out / Near Miss
- No Ratio Investor Programs
- Investor LOC / Credit Line Fix & Flip
- ALT-A and Sub-prime Loans Available
- No seasoning programs for foreclosure, short sale, & bankruptcy
- Entity vesting allowed (LLC, Corporations, Trust)
- Self Employed & Business Owners
- Foreign Nationals & ITIN
- 1 to 4 Unit Properties, Multi-unit (4 or more), Condos, Investment Properties
- Non-Warrantable Condos – including Condo-Tels
- Commercial and Mixed-use Properties
- Fixed Rates, Adjustable, and Interest Only options
- Up to 60 percent debt to income ratio considered
- Credit scores as low as 500
Whether you are looking to purchase an investment property or searching for your Florida dream home, an in-house portfolio loan may be the right choice for your needs. JZ Mortgage Services, Inc provides in-house portfolio loans to buyers throughout Bradenton, Sarasota, St. Petersburg, Tampa, Clearwater, and all of Florida. Contact us today to find out more about our portfolio loan options.