Portfolio loans are ones in which the lender will keep the loan in-house rather than sell on the secondary market.
Obtaining a conventional mortgage is something that proves challenging for some property investors and home buyers, but that doesn’t mean your dreams must come to an unrealized end. At Mortgages by Scott, as a Licensed Mortgage Advisor with Angel Oak Home Loans, we are able to put the puzzle together to help you achieve your goal. One of the products we can explain to you is portfolio loans.
When you work with a lender to obtain a traditional mortgage, they are looking at the underwriting guidelines of the secondary market, so they can later sell your mortgage. With portfolio loans, their intent is to keep the loan in their own portfolio rather than sell it, so they can utilize whatever underwriting criteria fits their guidelines. Often, they will approve loans that others would not because they want to help the community that they serve.
This is not to say that portfolio loans are the solution in every situation as you do still need to qualify, but unique income circumstances, for example, that pose issues with traditional loans can be less troublesome with portfolio loans. Whether you are looking to purchase your personal residence or invest in real estate and have an unusual situation that complicates obtaining a loan, reach out to us to learn if portfolio loans are the solution you need. We take the time to listen to you and learn your goals, so we can come up with the best option for your situation. Contact us today to get started on your journey to home or property ownership in Huntersville, North Carolina.