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 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, and Tampa.
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. 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. Higher then conforming loan amounts 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. 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 a perfect financial history. 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. Even if you have had several late payments within the past year, you may still be able to qualify for an in-house loan. By keeping these loans on our books, we are able to offer flexibility in these areas. This type of flexibility is not always available with government-backed loans or other conforming loan options.
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. This can limit options for those looking to purchase investment properties. Portfolio loans can be a valuable option in these situations.
Portfolio Loans from JZ Mortgage Services, Inc
- Loan amounts up to $10,000,000
- 95% LTV Jumbo
- Elite Programs for conventional FHA and VA
- 1% Down Payment Program
- Credit scores as low as 500
- ALT-A and Sub-prime Loans Available
- No seasoning programs for foreclosure, short sale, & bankruptcy
- Entity vesting allowed (LLC, Corporations, Trust)
- 100% LTV FHA financing
- Self Employed & Business Owners
- Foreign Nationals & ITIN
- 1 to 4 Unit Properties, Multi-unit (4 or more), Condos, Investment Properties
- Commercial and Mixed-use Properties
- Non-Warrantable Condos - including Condo-Tels
- Low down payment options
- Fixed Rates and Interest Only Mortgages
- No Ratio Investor Programs
- Up to 60 percent debt to income ratio considered
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 the surrounding Florida cities. Contact us today to find out more about our portfolio loan options.