Updated about 2 years ago on . Most recent reply
Portfolio Loan Question
Can I get a portfolio loan if some of the houses I have are in different states or do I need a separate one for each state?
Most Popular Reply
A Portfolio loan will let you purchase or refinance in any state without issues. If you are talking about a true portfolio loan its just a Banks private capital they fund and service the loan in house. They do not underwrite them with traditional guide lines and most do not have overlays. I have seen some investors with 5 or more properties "Blanketed" into one commercial loan. If that is the case you will have to remove the one you want to refinance out of the commercial blanket loan.
A Portfolio purchase allows you to buy a 2-4 unit rental with only 15% down as an investment. There are also "No-Prepays" which is usually true to the program and debt ratios that can exceed 45% with compensating factors. They do require "Full Doc" income so W2, SSI, SSD, 1099's or other income like Schedule E, Ect must be used to qualify.