Portfolio Lending – Common Sense Solutions That Help You Get to Closing

In today’s world, very little in the mortgage industry is open to interpretation.  When it comes to originating and underwriting mortgages, there are specific rules and guidelines for everything.  This creates a very rigid, inflexible system.  The only relief available in the mortgage industry today is when a mortgage lender can make a loan out of their own portfolio.  This enables the lender to use common sense decision-making as they make up and play by their own set of rules.  A portfolio lender has this flexibility because they plan to keep the loan in their own portfolio of loans serviced and not sell the loan in the secondary market.  Most lenders do not have this sort of flexibility but we are proud that our parent company gives us the flexibility to originate portfolio loans when needed.

Portfolio loans are ideal for:

  • Homebuyers with unique situations pertaining to their income or assets.
  • Unique properties that don’t fit the Fannie Mae / Freddie Mac or FHA mold (such as a non-warrantable condo).
  • Properties in need of repairs or improvements that need to close before the repairs or improvements are made (common with Foreclosure / Short Sales). 

 Although our portfolio program does not have extensive, rigid rules, here are a few of the program requirements:

  • Minimum 20% down payment
  • Good to great credit required
  • Programs offered are 3/1 and 5/1 ARM’s fixed for 3 or 5 years and then rate can change annually
  • Both Conforming and Jumbo loan amounts

 Our portfolio loan product offers common-sense underwriting that may be just the difference you need to help you close your next sale!

May 19, 2011 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

Leave a Comment