Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

429
Posts
143
Votes
Mark Douglas
  • Investor
  • Nashville, TN
143
Votes |
429
Posts

Portfolio lender for 1st time buyer/investor?

Mark Douglas
  • Investor
  • Nashville, TN
Posted

Hello all,

I'm in the (dreadfully slow) process of getting approved for an FHA loan through a conventional lender, and am wondering if it would be better, or maybe easier/quicker to just try and go through a portfolio lender?

How different is the process?  I know they won't just accept every proposal that comes in, but are they noticeably more stringent than a conventional lender?

It may or may not be helpful to know, but I'm in Nashville, TN, in case anyone has had a positive experience with a portfolio lender in this area.

Thanks so much BP !

- Mark 

Most Popular Reply

User Stats

298
Posts
261
Votes
Nnabuenyi Anigbogu
  • Chicago, IL
261
Votes |
298
Posts
Nnabuenyi Anigbogu
  • Chicago, IL
Replied

Two months just to get preapproved is unacceptable to me. I would start the process with another bank. 

FHA is already a longer process than conventional due to the extra things the govt needs to insure the loan. If the bank is dragging its feet right now i would expect it to take 4-5 months to close after finding a property. Start over now before you get too far into the process with them.

Loading replies...