Portfolio Loans in Sante Fe, New Mexico

 
Computing saving for buying a house — real estate in Santa Fe, NM
Our Portfolio lenders make their own loans and keep all of their own loans for servicing, so they do not have to conform to Fannie Mae and Freddie Mac rules. If your loan conforms we can do your loan with a conforming Fannie Mae/Freddie Mac lender, if not we still have the options below

With our careful manual underwriting, willingness to make exceptions, and make-sense approach to sophisticated borrowers, loans were declined may be able to close. We can approve.

ONE OR MORE OF THESE EXCEPTIONSON LOAN AMOUNTS AS LOW AS $300,000 …
  • Self Employed for less than two years OK
  • Departing Residence that has not yet sold excused from debt ratio-Bridge Loan OK
  • Trust Income OK
  • Non-Warrantable Condos
  • Vesting Title in LLC or other entity – OK
  • Cash recapture after recent purchase- No seasoning, allows cash buyer to buy again
  • Large Acreage
  • Cash out on second home or investment property
  • Pledged Assets for lower down payment as low as 10% up to 3 MM
  • Cross Collateralization – OK
  • Interest Only – Can be arranged
  • Asset Depletion in lieu of current income for those living off of unearned asset income and not currently employed
  • Foreign Nationals OK to 65%
  • Super Jumbo Loan amounts to 10 MM
  • NON-OWNER OCCUPIED, DUAL SECOND HOME, SECOND HOME PRODUCING INCOME and other occupancy issues…
  • Co-ops – OK

The “grey area” is where we do some of our best work!
  • Minimum loan amount is $300,00

Portfolio Niche Highlights…
Below are two very powerful underwriting techniques Fannie/Freddie underwriting excludes, but which we offer to help clients leverage either their personal assets in lieu of current income OR use another property they own to achieve a lower down payment (Pledged Assets) OR help with equity requirements (Cross Collateralization).

Pledged Assets

  • Is available for both purchase and refinance transactions (OO, 2nd Home and NOO ok)
  • Borrowers use a personal account as additional collateral in lieu of cash down payment up to 90% LTV to $5M!!
  • Pledge amount is the difference between the max LTV on the Portfolio ARM matrix and desired LTV up to 90%*
  • No MI!!
  • No pricing adjustments!!
  • Pledge account may remain in borrower's financial institution OR funds may be transferred into a Bank of Internet account
  • Continual trading is allowed if pledge is a securities account.
  • Any family member may pledge assets on behalf of the borrower!

Cross Collateralization

  • Is available case-by-case when there may not be sufficient equity available- Primarily for Refinances.
  • The second property must be owned free and clear of any liens, and must be owned by the borrower
  • An appraisal report on the second property will be required by an approved Appraisal Management Company
  • The value of the second property should exceed or equal the loan amount (exceptions considered case by case)
  • The second property may not be used in lieu of cash down payment (refinances only)

Remember...

  • Minimum loan amount is $300,000
  • Exceptions available on Portfolio ARMs only (no fixed) LTV limits apply
  • Fixed Rate available for files that conform to Conventional guidelines only
  • DTI guideline is 40% but we do make exceptions for strong borrowers with compensating factors
  • Feel free to run your scenarios by us any time!

*Contact me for full Pledged Assets guidelines: dollar amount required will depend on type of account pledged. Retirement accounts may NOT be pledged.

For more information on our portfolio loans, contact Drew at (505) 204-0683 in Sante Fe, NM today.