Portfolio lender for 1st time buyer/investor?

[Mark Douglas]

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 

[Nnabuenyi Anigbogu]

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.