Portfolio Mortgage Loans in California
If you’re self-employed or a private contractor and you want to be approved for a mortgage, you may have a difficult time getting a standard conventional loan. That’s because most lenders want to see a reliable, steady and consistent income. California portfolio mortgage loans are for those who have a different source of income other than regular pay stubs. For example, private contractors may have a good income showing on their 1099, but because of the different write-offs they qualify for, they might not qualify for a conventional loan.
Understanding California Portfolio Loans
With a portfolio loan in California, portfolio lenders hold loans on their own books, which means they can make their own rules in terms of who they can loan to. For example, if you wanted a conventional loan, you’d need to show at least a two year income history. With portfolio mortgage loans, you have more flexibility.
Prior to the housing crisis, it was even possible to do a quick “Stated Income Loan” where the borrower simply said how much they made. These days, LBC Mortgage offers something similar that lets you demonstrate your income with documents other than paychecks and W2s.
How Do I Learn More About California Portfolio Mortgages?
Understandably, California portfolio mortgage lenders are particularly attractive to those who are looking for an alternative to the traditional conventional loan. In some cases, because there’s less documentation required, they may require a higher down payment, but this is specific to each borrower’s unique situation and will need to be something that you discuss in more detail with LBC Mortgage.
How Can LBC Mortgage Help You Today?
California portfolio mortgage loans are just one of the many types of loans we’re able to work with in order to get you approved for a mortgage loan. Because of our experience in working with California portfolio lender companies, many potential homeowners seek us out in order to help them secure a home loan if they have income sources other than the more common ones.
We work with many different types of loans and a vast lending network in order to help people get approved for non-conventional types of home loans. Our flexibility and relentless dedication to helping you get approved are why so many people trust LBC Mortgage for all their home loan needs.
If you’re interested in learning more about portfolio loans in California and how this type of loan may help you, you’ll be glad to know that we work alongside top-rated lenders with large and varied portfolios who are very accommodating with their requirements. This unprecedented flexibility allows us to get you the best deal whether through a lender portfolio program or one of the many other types of loans we work with.
Contact the experts at LBC Mortgage today to learn more about our comprehensive lending services. We’ll take the time to understand your specific and unique requirements as well as understand the type of home you’re looking for as well as your budget. We can then get to work helping find the best possible deal for your individual case so that you can be one step closer to the dream of home ownership.