Portfolio Loans

A portfolio loan is a loan that is considered for those borrowers who aren’t eligible for the typical loan (such as Conventional or FHA) due to past major credit issues that have not expired but who are also in a good financial position to purchase a home. These loans are also loans that are funded and serviced by First Bank.

What are some of the benefits of portfolio loans?

  • Gives our buyers a second chance to home ownership after experiencing major credit issues
  • They are serviced by First Bank, meaning we will be your primary contact through the life of your loan*
  • They use a common-sense approach to mortgages, factoring in actual current financial status
  • They allow more flexibility on loan terms and guidelines for people with special circumstances

Who could benefit from a portfolio loan?

To get a better understanding of how a portfolio loan can be useful we are going to outline some typical scenarios where these loans would be beneficial, assuming you are in a good financial position to purchase a home otherwise:

  • If you’ve have a bankruptcy that isn’t past expiration in order to meet Conventional guidelines
  • If you’ve had a foreclosure that isn’t past expiration in order to meet Conventional guidelines
  • If you are self-employed but haven’t been working long enough to provide 2 years of tax returns

Example Portfolio Loans

One of our most popular and useful portfolio loans is the First Bank Bridge Loan. In short, it’s a loan that allows you to purchase a new home without having to sell your current home first. Allowing buyers a lot more flexibility when moving from one home to the next. Find out more about our Bridge Loan and its advantages to you here.

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