are there still portfolio lenders and are there any specific benefits to using one?

Yes portfolio lenders are still available. Portfolio lenders are primarily used for those who do not fit into a conventional product, meet standard guidelines or need common sense underwriting. They require more down and have slightly higher rates but have expanded guidelines to offer alternatives. In general this would be a down payment of 20% or more depending upon the property. If you could qualify for a standard loan then you would not likely need a Portfolio loan so people who use them have to for one reason or another.

There are portfolio lenders out there still, however most have guidelines similar to conforming financing, but they can be flexible which is the benefit. If you have been denied because of a weird guideline, you can probably obtain financing using a portfolio lender. Also, because they can be flexible, they will most always have higher pricing.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

hi: Our bank offers several portfolio programs allowing flexible guidelines and exceptions. Bank statement to no doc loans we offer based on borrower's assets and credit score. If I can be of any assistance, please call or email. MIke 703 505 5300 lending Nationwide.

They do exist, and as stated, the terms are not generally as desirable as a conventional or standard government backed loan (FHA. VA, USDA) but offer an alternative for those who have trouble qualifying. Expect to need a larger downpayment and pay a higher rate and fees. Suggest you check with local banks and credit unions, I'd know my credit profile and possibly have a copy of my credit report so that multiple lenders aren't checking it before you figure out what your options are. Good luck!

Flexibility is the key benefit.

Yes is the short answer...min 20% down, could be more...they have different guidelines. They do not necessarily follow Fannie/Freddie guidelines. Also most only offer arms and some have large loan mininums...Check with your local banks, you should be able to find a portfolio lender...