Financing in Saint Louis>Question Details

Stl, Renter in Saint Louis, MO

how do i get a portfolio mortgage loan?

Asked by Stl, Saint Louis, MO Sat Mar 5, 2011

I've heard portfolio loans don't adhere to the same guidelines as conventional or FHA. With a business bankruptcy 4 years ago and a short sale two years ago, is a portfolio loan with large % down a realistic avenue to look in to?

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I had a short sale last year and my Realtor recommend for a home loan. I am very happy to be able to purchase again.
2 votes Thank Flag Link Tue May 14, 2013
Portfolio loans do not follow the same rules because they are held in the banks own portfolio, not sold on the secondary market. If you have a very, very strong relationship with a banker it may be possible. Many small banks are not able to do them at all anymore, depends on their financial position. I suspect the bank auditors are calling a lot of the shots, only thing that makes sense.
1 vote Thank Flag Link Sun Mar 6, 2011
Getting a portfolio loan may be possible.

If you're working with a good Realtor, you may start by discusssing the situation with some of their contacts.

As Helen from Torrance said, small community banks and credit unions are good places to talk to also. Working with a banker that you have a relationship with can be extremely helpful, since they make their decisions "in house" in a loan committee. Having someone that knows you more than just a paper application is nice.

The problem with this type of loan is that because they don't follow the guidelines of a larger investor, they can change frequently. A bank may be willing to loan in January, but due to its own financial position, may not do the same exact loan in March.

Best of luck to you and feel free to contact us for some great mortgage referrals in St Louis that do portfolio lending.
Web Reference:
0 votes Thank Flag Link Sun Mar 6, 2011
I would talk to a few lenders to see what they recommend and what will work for you. Try lenders from smaller, local banks, as well as larger banks to see who can do this loan.

Good luck!
0 votes Thank Flag Link Sun Mar 6, 2011
You can get a FHA loan 2 years after short sale. Rate is way better than any portfolio loan!!
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0 votes Thank Flag Link Sun Mar 6, 2011
Not true if the development has more than 50% rentals (condos).
Flag Thu Nov 6, 2014
I would be happy to help you find a home.

Contact me @314.536.1062

We will get all your questions answered!
Web Reference:
0 votes Thank Flag Link Sun Mar 6, 2011
I checked with Caroline Tamm at Gorman Gorman in St. Louis. They can do portfolio loans. Let me know if you would like for her to call you to discuss your loan needs in more detail.

Ted Wight
Dielmann Sotheby's International Realty
0 votes Thank Flag Link Sun Mar 6, 2011
You do need to start doing some research first. Best way is to try contacting small local/community banks, call each one of them and ask to talk to their loan officer/manager if they are portfolio lenders. You may want to start banking with them first since you have large amount of cash. Establish client relationship and they will be more incline to review your situation on a individual basis\.
0 votes Thank Flag Link Sat Mar 5, 2011
A portfolio loan is often available through a mortgage broker with multiple sources, local banks who service their own loans and possibly US Bank.
The underwriting guidelines are different, there are often fewer choices of programs and rates may be higher than what is commonly advertised by conforming lenders.
0 votes Thank Flag Link Sat Mar 5, 2011
Portfolio loans are not that common, but I do know it has been possible to get PL's from The Private Bank and Stiefel Bank. Call me and I can provide names of loan officers that can help. ,
0 votes Thank Flag Link Sat Mar 5, 2011
If you have a large down I would suggest having your agent find you a by owner finance deal.
If you need help contact me through my website and I will locate an agent in your local area to help you.
0 votes Thank Flag Link Sat Mar 5, 2011
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