A portfolio loan is kept in the lender's assets or "portfolio" for the life of the loan. Conventional Fannie Mae and Freddie Mac mortgages and government loans, including FHA, VA, and USDA mortgages, must meet specific guidelines to meet the secondary market requirements. However, portfolio loan standards do not have to follow the standards of conforming mortgages. Portfolio loans are ideal for borrowers having difficulty getting approved for other types of loans because they fall outside the requirements of conforming mortgages.
Portfolio Loan Highlights:
- Loan Flexibility: The size of the loan does not have to meet current conforming limits.
- The lender can set the down payment requirement and underwriting standards.
- Private Mortgage Insurance (PMI) is not always required, even if you're making a lesser down payment.
Portfolio loans might be a good choice if you are:
- Credit challenged
- Have high income, but low net worth
- If you are purchasing a property that does not qualify for a traditional mortgage
At First Integrity, portfolio loans are available in the St. Louis Metropolitan area. The home loan options with portfolio loan financing can be catered to the needs, wants, and requirements of borrowers who qualify.
Have any Questions?
If you are interested in applying for a Portfolio Loan, contact us at 314-878-7900. One of our loan officers will be happy to meet with you and guide you through every step of the process. We will also help you determine which type of Portfolio Loan is right for you, based on your credit and your needs.
First Integrity Mortgage Services is located in St. Louis, Missouri. We are a premier provider of Mortgages and Home Loans in Missouri, Illinois, Kansas, Georgia, Tennessee, California, and Arkansas. We work on behalf of our customers to help them qualify for the home loan they deserve!
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