Question 1

What makes a portfolio ARM different from a regular ARM?

Accepted Answer

The lender keeps the loan instead of selling it to Fannie Mae or Freddie Mac. This means they can approve properties and income types that fail conventional standards.

Question 2

Can I use cryptocurrency to qualify for a portfolio ARM in Pacific Grove?

Accepted Answer

Some non-QM portfolio lenders now accept verified crypto holdings for reserves and income qualification. Documentation requirements vary by lender.

Question 3

Do portfolio ARMs work for Victorian homes in Pacific Grove?

Accepted Answer

Yes, portfolio lenders often approve older properties that need repairs or seismic work. They don't require the same condition standards as agency loans.

Question 4

How often does the rate adjust on a portfolio ARM?

Accepted Answer

Depends on the lender's terms. Common structures adjust annually after an initial fixed period of 3, 5, or 7 years.

Question 5

What credit score do I need for a portfolio ARM?

Accepted Answer

Most portfolio lenders want 660 or higher. Some go down to 620 for strong compensating factors like larger down payments.

Question 6

Should I wait for rate cuts before getting a portfolio ARM?

Accepted Answer

Rate cuts expected later this year could lower ARM start rates. If you can wait and your situation allows it, timing might help.

Portfolio ARM Loans in Pacific Grove: Flexible Financing for Coastal Properties