Non-Qualified Mortgage (Non-QM) Lenders or Portfolio Lenders in Rural Indiana?

Could anyone point me in the direction of where I could find a Non-QM or portfolio lender in Indiana that would do a mortgage on a $60k to $100k property with a 20% to 30% cash down payment? My credit score is low and likely won’t be high enough for an FHA loan in the next 2 years. I am a first-time homebuyer, and the mortgage would be about 3% of my income. Thanks!

Are you sure that you should be buying real estate with a loan right now? Credit scores exist for a reason.

Neve said:
Are you sure that you should be buying real estate with a loan right now? Credit scores exist for a reason.

I had a startup fail on which I used a lot of personal credit; I’ve paid it all back except for about $7k, which will be paid off in the next 30 days. At that point, I will still have a low FICO from all the defaults but $0 in collections and $0 credit card debt. I can buy the house in cash, but that won’t help my score.

@Jaden
If you can buy the house in cash, why would you take a loan? The rates aren’t great right now, and the mortgage you get approved for would probably be awful.

Neve said:
@Jaden
If you can buy the house in cash, why would you take a loan? The rates aren’t great right now, and the mortgage you get approved for would probably be awful.

I thought it would boost my FICO score to buy it and pay it off. I wouldn’t be keeping the mortgage for more than a couple of years.

You would not qualify for a portfolio mortgage; you need a minimum of 2 properties to do that type of mortgage. A portfolio loan has more risk than most people think.

Gianna said:
You would not qualify for a portfolio mortgage; you need a minimum of 2 properties to do that type of mortgage. A portfolio loan has more risk than most people think.

What exactly do you think a portfolio loan is…lol

@Amir
A portfolio loan in real estate is 2+ homes in one transaction. I’ve done it a lot and also offer them.

Gianna said:
@Amir
A portfolio loan in real estate is 2+ homes in one transaction. I’ve done it a lot and also offer them.

That’s not what a portfolio loan is lol. A portfolio loan is simply a loan the lender keeps in-house and can make their own requirements.

@Amir
Yes, it is. A portfolio loan is way different than your definition.

Gianna said:
You would not qualify for a portfolio mortgage; you need a minimum of 2 properties to do that type of mortgage. A portfolio loan has more risk than most people think.

What I meant by a portfolio lender was a lender who keeps the paper in-house instead of selling it. A lender that would consider a large enough cash down payment, i.e., some skin in the game. Please let me know if there is a better name for that type of lender. To be clear, I don’t even know if they still exist.

@Jaden
They do, but it’s hard to find them.

Gianna said:
@Jaden
They do, but it’s hard to find them.

Only due to the laws they have to follow.

@Jaden
I missed the lender part; I thought he wanted a portfolio loan.