Portfolio Lenders

[Thomas Hart]

Does anyone know of anyone that I can work with for purchase of rentals that portfolios their loans?  Id prefer to look at a lender that will allow Lines of credit to be used for down payment and most of the Fannie/Freddie guys will not.  Im wondering if there are any credit unions or smaller banks that will lend this way.  In Sacramento California area.  Thank you.

[Chris Mason]

Originally posted by @Thomas Hart:

Does anyone know of anyone that I can work with for purchase of rentals that portfolios their loans?  Id prefer to look at a lender that will allow Lines of credit to be used for down payment and most of the Fannie/Freddie guys will not.  Im wondering if there are any credit unions or smaller banks that will lend this way.  In Sacramento California area.  Thank you.

HELOC for a down payment is nothing special. Fannie will go for it. Freddie will go for it.

Most LOs aren't the sharpest tools in the shed, and not REI-friendly, as you are learning.

Using a HELOC for a down payment requires that a LO actually be good at math, which is why the overwhelming majority are saying it "can't" be done. Of course it can't be done, if the LO can't do math.