This loan program is not available in USA
Program Description
Portfolio Select Mortgage Loan - Creditworthy borrowers no longer need to wait seven years after a credit event to purchase or refinance a home. Qualify with just one year seasoning for foreclosure, short sale, or deed-in-lieu, and only two years for bankruptcy. Don't let Agency guidelines hold you back—this full doc loan solution welcomes borrowers with the ability to provide all required income verification documents.
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Angel Oak - Portfolio Select Mortgage Loan
Min. Credit Score
660
Min. Down Payment
15%
Max Loan Amount
$2,500,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Up to 50% DTI
- Credit scores starting at 660
- Two years seasoning for bankruptcy, can use chapter 13 filing date
- One year seasoning for foreclosure, short sale or deed-in-lieu
- Full documentation required
Program Availability
Angel Oak - Portfolio Select Mortgage Loans are available in 46 states, and Washington D.C..
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“Ideal for buyers having trouble getting a traditional loan due to a low credit score, troubled credit history, or being self-employed."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Loans up to $2.5 million with a minimum of $125,000
- Owner-occupied, second homes, and investment properties
- Up to 85% LTV
Additional Conditions
- Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 3%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
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