Why Portfolio Mortgage Products?Portfolio loans may be held by our parent company (Home Mortgage Alliance Corporation – HMAC) , which allows us greater freedom to analyze unique situations and potentially offer loans to borrowers who otherwise may not qualify for another type of loan. This product really does make dreams come true!
To discuss portfolio loans with one of our knowledgeable loan officers, contact Variant Lending Group today!
How Does a Portfolio Loan Work?Because portfolio loans are not sold to Fannie Mae, Freddie Mac, or any of the government entities, we are free as a bank-owned company to establish our own set of guidelines and requirements for loans held in-house. If you are denied for a loan somewhere else but have good credit and believe you are a strong candidate for a mortgage, asking about our portfolio loan program is the smart thing to do. Buying your dream home takes patience, persistence, and a careful eye, and we are here to help make that dream come true!
Are There Any Fees Associated With a Portfolio Loan?
Yes – we charge a 1% origination fee and standard closing costs on all portfolio loans, both of which are payable at closing.
Do Portfolio Loans Have Limitations?There are guidelines that we follow in regards to down payment, debt-to-income ratio, credit scores, and reserves/emergency funds, but each loan is truly evaluated on a case-by-case basis. Part of your portfolio loan file is the loan story – a short narrative explaining why you have chosen this product and how your loan will benefit the bank that holds it. Your loan story is taken into consideration, along with several other factors, to determine if this product is right for you. At Variant Lending Group, we’re happy to evaluate your unique situation in order to determine if a portfolio loan is the right decision for you and your family.
Other Loan Programs
OTHER LOAN TYPES
There are other types of loans that are less commonly known to the public yet can be made available to some clients on occasion. To find out more about what types of other loans we offer or that you qualify for, please contact us so we can assist you.