What Are Portfolio Loans?
Fannie Mae and Freddie Mac are agencies of the government that write the guidelines for conventional mortgages. They are also the largest investors in these loans which they buy from other lenders, as they themselves do not originate loans directly. All conventional loans must meet the guidelines and loan requirements, regardless of the originating lender. Conventional loans are also known as conforming loans and they generally have the best rates and lowest costs.
Sometimes borrowers do not qualify or have other financing needs that cannot be met with conforming loan programs. Portfolio loans are loans that a lender keeps on their own books and are not subject to the same requirements as the loans purchased by Fannie Mae or Freddie Mac. Portfolio loans and non-conforming programs offer a wide range of mortgage options outside Fannie & Freddie requirements. These programs are great solutions for borrowers who do not qualify for conventional. Portfolio loans from JZ Mortgage Services, Inc provide great option and solutions for borrowers throughout Bradenton, Sarasota, Tampa, St. Petersburg, Clearwater and all of the great states of Florida and Ohio.
Conforming loans have a maximum loan limit for a Single Family Home of $647,200 or up to $970,800 in limited high-cost areas. Unlike FHA, loan limits are the same for 2-4 unit houses. Jumbo Mortgages are great options for higher loan amounts. JZ Mortgage Services, Inc works with dozens of Jumbo lenders to provide competitive rates and flexible options. We have programs up to 96.5% LTV loan to value! It is particularly difficult for self employed borrowers to qualify conventional. Bank Statement only programs are an excellent solution for self employed borrowers and do not require any tax returns or IRS verifications.
Who Can Use A Portfolio Loan?
Portfolio loans can be a great option for anyone outside the realm of conventional guidelines. Some people do not have excellent credit or for any reason are not able to qualify for a conforming loan. Some individuals who have had a bankruptcy, short sale, foreclosure, or mortgage lates which may not meet conforming requirements. Portfolio lenders write their own guidelines and offer programs for many of these situations. This type of flexibility is not always available with conforming or government-backed loans.
Buyers interested in investment properties can also take advantage of “Investor Special” 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 debt ratio requirements.
Portfolio Loans from JZ Mortgage Services, Inc
- Loan amounts up to $10,000,000
- 96.5% LTV Jumbo
- 90% LTV Bank Statements Only
- Investor Loans with NO Income or Debt Ratio requirements
- Asset Only Qualification
- Conventional Fall Out / Near Miss
- Full doc / No doc / Stated Income
- Renovation loans / Fix & Flip
- 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, Condos, Investment Properties
- Non-Warrantable Condos including Condo-Tel’s
- Commercial and Mixed-use Properties, Multi-unit (5+)
- Fixed Rates, Adjustable, and Interest Only options
- Credit scores as low as 500
Whether you’re searching for your Florida dream home or looking to purchase an investment property, a portfolio loan may be the right choice for your needs. JZ Mortgage Services, Inc provides excellent portfolio loan options to borrowers throughout Bradenton, Sarasota, Tampa, St. Petersburg, Clearwater and all of Florida and Ohio. Contact us today to find out more about our portfolio mortgage loan options.