This is the first post in a new blog series titled, "Personal Net Worth." The aim here is pretty simple. I will look to share any topic/topics that are related to your personal net worth.
I wanted to shed light on a different type of mortgage out there that may not be as well known as the traditional types. As anyone who is self-employed can vouch for obtaining a traditional mortgage can be challenging to say the least. They want two years of tax returns first and then copies of bank statements, brokerage accounts,etc. Then they ask for copies of P&L statements and proof of funds for down payment purposes. Well, if you have the ability to make at least a 20% down payment and/or have had a short sale/ foreclosure recently you may want to look at something out there called a "portfolio loan." The first thing I would do is a google search for them in your area. Since these loans are held on the books of the banks they can have a different criteria for lending than a traditional mortgage. I recently obtained a five-year ARM at 3.5% from a local bank in Fort Myers. I was able to close in approximately 30 days and was impressed with the process compared to a traditional type of financing. If this doesn't work for you I would encourage you to call a local mortgage broker in your area as they can usually assess the best option for your specific situation. If anyone is in the local Fort Myers area I have the best broker who can get deals done.
Until next time...
Eric Marvin, CFP®
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