Condos other programs will not finance
Condominiums in projects that do not meet Fannie Mae or Freddie Mac rules, and condotels, where units are rented out like hotel rooms.
Portfolio adjustable-rate mortgage
A mortgage for homes and borrowers that other loans turn down.
A portfolio loan is a first mortgage the lender keeps on its own books, so it can set its own rules. The rate is fixed for a set number of years and then can change every year, so the payment can rise. Here is who it can help and how it works.
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- Licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
What would you like to do?
Pick the one closest to you. A few short questions follow, and a licensed loan officer gets back to you.
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Fidelity Residential · NMLS #103098 · Equal Housing Lender
- Licensed mortgage lenderNMLS #103098. Check our licences on NMLS Consumer Access.
- A licensed loan officerA real person reviews your file and answers your questions.
- Kept on the lender’s booksWe arrange this loan with a lender that keeps it on its own books.
- Apply online or by phoneStart a quote, apply online or call 732-686-9999.
The basics
How a portfolio loan works
Most home loans are sold to Fannie Mae, Freddie Mac or a private investor, and must follow their rules. A portfolio loan is a first mortgage the lender keeps on its own books instead, so it can set its own rules and accept homes and borrowers those rules leave out.
It is an adjustable-rate loan. The rate is fixed for a set number of years and then can change every year, so the payment can rise. Your loan estimate and adjustable-rate disclosures show how and when the rate can change.
It is still fully documented. Your income, assets and credit are verified, as on any mortgage.
The lender is a credit union. You become a member before closing; no deposit is needed. Fidelity Residential arranges the loan as your mortgage broker, and the credit union makes the loan.
At a glance
- A first mortgage the lender keeps instead of selling
- Fixed for a set number of years, then the rate can change every year
- For a main home, a second home or a rental property
- Income, assets and credit fully documented
- Credit union membership before closing, with no deposit needed
Who it can help
Homes and borrowers a portfolio loan can fit
Because the lender sets its own rules, it can look at situations most other programs do not accept. Each still has its own limits; a loan officer can tell you whether yours fits.
Co-operative apartments
Co-op apartments, where you own shares in the building rather than the unit itself. The co-op’s documents are reviewed by an attorney as part of the loan.
Mixed use, small units and land
Small mixed-use buildings appraised as residential property, very small units, homes on large acreage and hobby farms.
Working in the U.S. on a visa
Borrowers who work and earn their income in the United States under a visa or work authorization.
Foreign national buyers
A buyer who lives outside the United States may be able to finance a second home or a rental property, including at jumbo sizes, with income and assets documented and a larger down payment.
A newer business or income from assets
Self-employed borrowers with a shorter history than most programs ask for, and borrowers whose savings and investments can be counted as income.
Your options
A main home, a second home or a rental
The loan can buy a home or refinance one, with or without taking cash out.
Your main home
A house, condominium or co-op you will live in, including homes and borrowers other programs turn down.
A second home
A vacation or second home for you and your family, including for buyers who live outside the United States.
A rental property
An investment property held in your own name or in a limited liability company, with income and assets documented in full.
Compare before you choose. A portfolio loan is one of several adjustable-rate options. See how adjustable rates work, or our jumbo loans for higher-priced homes.
How it works
The steps to a portfolio loan
Talk about your situation
A loan officer checks the property, how you will use it, how you earn your income and where you live, and whether the program fits.
Apply and document
We send your file to the lender, which pulls its own credit report. Income, assets and savings are documented; documents from abroad are translated.
Appraisal and the building
The home is appraised. For a condominium, co-op or condotel, the building’s association answers the lender’s questions in full.
Membership and closing
You join the credit union before closing, then review your closing disclosure and sign. Taxes and insurance are usually paid through an escrow account.
Documents
What documents you need
This is a fully documented loan. Most borrowers can start with these.
- Recent pay stubs and your W-2 forms
- Personal and business tax returns and a year-to-date profit and loss statement if you are self-employed
- Bank and investment statements for the down payment, closing costs and savings
- Statements for any other properties you own
- The condominium or co-op documents, if you are buying in one
- Photo identification, and your passport and visa if you are not a U.S. citizen
Questions
Common questions about portfolio loans
Is there a fixed-rate version?
No. This program is offered only with an adjustable rate: fixed for a set number of years, then able to change every year, so the payment can rise. If you want a rate that never changes, ask about our other programs.
How will I know what my payment could become?
Your loan estimate and the adjustable-rate disclosures you receive show how the rate is set after the fixed period and how far it can move. Ask your loan officer to walk you through the highest payment the loan allows before you choose it.
Do I have to join the credit union?
Yes. The lender is a credit union, and you become a member before closing. No deposit is needed.
Is Fidelity Residential the lender on this loan?
No. We arrange this loan as your mortgage broker. The credit union underwrites the loan, makes it and keeps it on its own books.
Can I buy if I live outside the United States?
In some cases, for a second home or a rental property. Expect a larger down payment and full documents for your income and assets. Ask a loan officer whether your situation fits.
Do you lend in my state?
Fidelity Residential is licensed in many states. The full, current list is on NMLS Consumer Access (opens in a new tab), or call us at 732-686-9999.
Could a portfolio loan fit your situation?
Get a quote, apply online, or talk it through with a licensed loan officer.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice. Fidelity Residential arranges this loan as a mortgage broker; the loan is made by the lender, a credit union.