UPDATE – due to Covid, many of these programs have gone away for now.

The most popular portfolio loan I have right now is the no income, no employment loan with a minimum of 30% down.  This is great for self employed borrowers who write everything off as well as cannabis company or dispensary owners.  I CAN ONLY DO CA and AZ.

Please read the first couple paragraph’s to see what I can do and what I cannot do and examples of recent portfolio loans we have done as well as new loan programs that keep coming out.

Do you have a loan scenario that DOES NOT fit Fannie Mae or Freddie Mac guidelines? If so, don’t worry. I have plenty of portfolio loan programs that do NOT follow Fannie/Freddie guidelines. We use common sense underwriting with the freedom and flexibility to make our own sound decisions.  Yes, the rates are higher than you see advertised for Fannie Mae rates.  But if Fannie can’t do it, this is your next best option! 

UPDATE – I CAN ONLY DO LOANS IN CALIFORNIA. Our portfolio loan programs are NOT miracle workers and also are not subprime loans. If you have a 550 credit score, I cannot help you unless you want a referral to a hard money lender (in which case I have three great ones that will compete for your loan). If you leave me an email (see below on how to contact me) and I don’t respond, that means I cannot help you. 

UPDATE #2 – As I keep running into this issue with people, I wanted to get it out there so you can know what to expect.  If you had a foreclosure 2 years ago, you WILL NOT get a rate in the 4’s or 5’s.  If you can’t prove your income, you will not get a rate in the 4’s or 5’s (unless you can go stated self employed).  If you had a recent BK, you will not get a rate in the 4′ or 5’s. I can go on and on, but I hope you get the point. If you do not fit into the normal Fannie Mae / Freddie Mac lending box, be expecting a rate in the 6’s or 7’s.  Obviously, there is always an exception to the rule, but don’t think that for whatever reason you need a portfolio loan that your rate will be just over Fannie Mae.   As a side note, if you do not like those rates, we can always got hard money and those rates typically start at 8.5% or so with a minimum of 3 points.

Below are just some examples of recent portfolio loan clients

  • Client had a Short sale 1.4 years ago –  30 year fixed 25% down and new loan amount $693,750
  • Client had a Short sale 2 years 1 month ago – 7/1 ARM Interest Only   30% down and new loan amount $626,500
  • Stated income purchase – Purchase price $719,000 with 30% down on a 7/1 ARM with a short sale 2.3 years ago
  • Foreign National Purchase –  $1,130,000 with 30% down 5/1 ARM
  • Client had a Short Sale 2.5 years ago on investment property –  New purchase 30% down and new loan of $932,400
  • High DTI issue – 54% DTI, 80% loan to value on a 5/1 ARM – loan amount $739,000
  • Client had a Foreclosure 3.1 years ago – New 2nd home purchase – 5/1 ARM at 75% loan to value new loan amount $583,000
  • Client wanted a Purchase 10% down NO MORTGAGE INSURANCE – Purchase price $1,025,000
  • Client had a Non Warrantable condo purchase – $437,000 purchase price
  • NO DOC Refinance on investment property – $337,000
  • Stated income refinance – $481,000 at 65% LTV
  • Massive litigation against the developer for downtown San Diego condo – NO ONE could do this.  We got it done at 4.75% for 30 years with a loan of $553,600 (80% LTV)

Our typical portfolio loans require a min. 680 credit score and at least 20% equity / down payment and plenty of reserves. That being said, I don’t like to rant, but I have been getting SO MANY inquiries from people I cannot help that I hope this might shed some light on what I CAN DO.  I DO NOT DO bridge financing or blanket loans. And, as I am VERY busy these days, I will only respond if I think I can help.  Thank you for understanding.

Also, most of these programs are on 5 or 7 year fixed loans, NOT 30 year fixed loans, so if that does not work for you I’m sorry.  That is how the majority of portfolio loans work since the investor keeps them on their books and does not sell them to Fannie Mae, they do NOT want them on their books for 30 years.  However my short sale under 2 years program has a 30 year fixed option.

How to contact me about your situation Please email me at mcclintockmortgage (at) gmail.com with your scenario including loan balances, property values, property types, credit scores, reserves / assets, etc. and if it is something that I think I might be able to help you with, I will respond.  If I can’t help you, I won’t respond.  I truly appreciate your inquiry, but I get so many every week that I can only respond if I think I might be able to help you.  Thank you for understanding!

This is NOT Hard Money.  These are actual portfolio loans and I do a lot of them.


Recent Foreclosure, Short Sale or Bankruptcy – Only 1 negative credit event allowed on this program

Click here to check out this awesome program up to 75% LTV.  We have multiple other programs that will go to 80%.


Introducing Our No Income, No Asset* Professional Investor Product (NINA loan)


Loan Amounts $100K – $2M

3/1 or 5/1 ARM Available

No DTI or DSCR Required!!

Foreign Nationals OK.

LLCs OK (guarantor must be a natural person and majority owner of entity).

*Assets used for down payment funds or short to close must be documented by 2 months of personal / business bank statements


C2 Financial has access to basically every portfolio loan available in the market place today. Portfolio lenders, are commonly known as Savings & Loan institutions. They are called portfolio lenders, because they originate loans for their own portfolio, but don’t sell them to the secondary market. It is usually due to the fact that the loan does not comply with the underwriting guidelines set by the secondary market investors and/or Fannie Mae and Freddie Mac.

The underwriting guidelines for a portfolio product can be far more flexible than for a loan which is being sold to a secondary investor. This flexibility can often mean that the underwriter of the portfolio program can use a much more common sense approach when evaluating things such as past credit problems, prior bankruptcies, recent short sale or foreclosure, etc.

If you have a loan which is difficult to fund because your scenario is outside of the standard underwriting guidelines, we can often look at portfolio loan products with you and negotiate for exceptions to the underwriting rules on your behalf.

Below is a sample list of portfolio loan programs C2 Financial can help you with:

  •  No Fannie Mae / Freddie Mac guideline overlays allowing for more aggressive qualifying guidelines
  •  1 day out of BK or Foreclosure
  •  12 month bank statement program for self-employed (no tax returns)
  •  10% down ONE LOAN to $1,500,000 with NO MORTGAGE INSURANCE
  •  Multiple Foreign National Programs
  •  Stated Income Programs W2 and Self-Employed
  •  NO DOC investment property refinance
  •  Multiple JUMBO loan programs
  •  Loans to $1,500,000 with only a 620 credit score
  •  Loans to $1,500,000 with a 55% DTI including interest only
  •  Non-Warrantable condos
  • Condos in Litigation
  •  Over 50 different “Out of the Box” Portfolio loan programs available
  • More below…


Very Popular! Stated Income Alternative!

DTI too high? Use Asset Depletion Qualification

Many borrowers have assets but their income is not sufficient to qualify for a loan. Maybe the borrower is self-employed and their tax returns do not indicate enough income to qualify. Or maybe the borrower is retired and no longer has enough income. Asset Depletion Qualification is a way for an underwriter to use a borrower’s assets to provide more income to qualify.

After all, the borrower’s assets are in an income bearing vehicle, like interest checking, savings or money market accounts, or stocks, bonds and mutual funds…the assets are working for the borrower and generating income. We can use those assets to help your borrower qualify. Although this makes perfect sense, it is highly irregular for an underwriter to approve a borrower using assets as income. But our underwriters understand the logic in approving a borrower who has demonstrated their ability to save and accumulate assets. Asset Depletion Qualification is simply an Underwriter’s tool to apply more qualifying income by calculating a return on the borrower’s “liquidable” assets…

Click here to learn more about the Asset Depletion Program

PLEDGED ASSET PROGRAM – use assets as collateral to offset LTV – Very Popular!

Many borrowers have accumulated assets in the form of stocks, bonds, mutual funds, etc. However, in order to purchase the home, they would have to liquidate those assets for the down payment. What if you could offer the borrower a program where they could use their assets as collateral for the loan without having to liquidate? After all, if they liquidate their assets, they would be subject to a hefty capital gains tax, and, they would be pulling their assets out of an income bearing vehicle. We allow the borrower to “pledge” their assets in lieu of down payment (or LTV for a refinance). This way the borrower can keep their assets where they can continue to work for them. With Pledged Assets, we will lend up to $5,000,000 or more at 90% LTV with no mortgage insurance!

Click here to learn more about the Pledged Asset Program


Foreign Nationals –  the borrower has no Green Card, no VISA and typically no FICO.  The “big banks” do not lend to Foreign Nationals.  We have MULTIPLE investors for this product.

Click here to learn more about our Foreign Nationals program


We do not require Fannie or HUD project approval. We will lend on warrantable and non-warrantable condos.

What if there is less than 51% owner concentration? That’s okay.

What is there is less than 51% owner concentration and we’re doing an investment purchase? That’s okay too.

What if one owner owns more than 10% of the units? That’s okay.

Click here to learn more about the Non-Warrantable Condos Program


If your borrower is self-employed for less than two years, they should still be able to get a loan under many circumstances. We are not subject to Fannie Mae’s rule on the issue. Rather, as a 100% true portfolio niche exception-based lender, we look at every scenario and make a determination based on the specific risk presented.

Click here to learn more about the Self Employed Less Than 2 Years Program

DI TOO HIGH? How about some relief? – We make the guidelines!   

Is your debt-to-income  ratio to high to qualify?

Click here to learn more about how we can structure your loan to get your ratio down to hopefully where it needs to be to qualify.

BUSINESS FUNDS – Use for Down Payment and Reserves

Business Accounts are an acceptable source of funds provided a signed letter from the Borrower’s CPA is included in the loan file which attests (1) the borrower can access the funds, and (2) withdrawal of funds from that account will not negatively impact the daily operations of the business. Guidelines say no more than 33% of the total assets may be used for down payment, but…

Click here to learn more about how to use Business Funds for your down payment and reserves

VESTING TITLE IN AN ENTITY – Athletes, Actors, Privacy!

What Entities? We will vest in all types of trusts, LLC’s, partnerships & corps. Who signs? Depends on what entity but as a general rule, a 10% member/owner, etc…

Click here to learn more about vesting title in an entity


For a recently listed property, an underwriter will consider on a case-by-case basis. We will need an LOE as to why it was listed and the borrower’s intent now. Also, we’ll want to see the cancelled listing agreement and we will use the lower of the appraised value or lowest listed price.


Dual Primary residences are best explained in an example…think of a partner in a large law firm that has an office in NYC and L.A. He flies back and forth all the time so he buys a house in both locations…

Click here to learn more about Dual Primary Residences


Example – Borrowers are snowbirds, who live in Minnesota, and they buy a second home in Palm Springs, CA. During the course of the year they stay in the Palm Springs house for the winter months and rent it out for a couple months a year to not-so-good friends. Being good citizens, they report the rental income on their tax returns. Now they want to refinance and every lender is countering them to an investment property…

Click here to learn more qualifying Second Homes with rental income

EXPANDED PROPERTY TYPES: Unlimited acreage – there is no limit to the size of a property.

Hobby Farms – a property that has an income producing element to it may still be considered a residential property. So, even though there is income from the property on the tax returns, we will still underwrite it as a residential loan.

Click here to learn more about expanded property types