Portfolio loan terms

4 Replies

I want to do a conventional mortgage. Unfortunately, my income isn't that great. 

Would a portfolio loan be a good option? I read online that they primarily look at DSCR and operating income. Is that true?

It depends on the type of property and loan you are getting Alex. If it's a primary residential mortgage, then likely they won't be able to help. What you're reading usually has to do with commercial loans. But you should keep networking and asking other mortgage loan officers if they have those types of products. You never know... 

@Alex Silang @Dan Barli I agree with Dan. Depends on the specifics. If you are talking about investment, there are newer options you can possibly look into that will qualify you based on the cash flow of the investment. They are typically called Non-QM loans. Under that same description you will also find lenders that will approve you based on bank cash in flow, if you are self employed, rather than your net income on your tax returns. 

If you are talking about a primary residence, there are some options that will lend based on how much you have in assets. One of the main banks that I use for that is based in Wisconsin and does not lend in NV. However there are some other large ones that have similar programs if you have enough in assets. Not sure if that fits your situation but wanted to throw it out there. 

all of my term loans are " portfolio" AKA Commercial Loans, terms are decent, generally Prime +1 3 or 5 year arm, amm'ed over 15 years, they will go longer, but i want to force myself to pay them off. they will go 80% LTV, but I wont go more than 60% cost to do the loan is usually around $600-700 and the renewal is usually $100