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By David Ghazaryan, Mortgage Broker (NMLS 1486726), iQRATE Mortgages (NMLS 1862492). Last updated November 12, 2026.
Short answer: a portfolio loan is investor financing outside Fannie Mae and Freddie Mac rules. For League City rental buyers it means one of two things. A lender keeps the loan under its own guidelines. Or one blanket loan covers several rentals. iQRATE Mortgages is a mortgage broker licensed in Texas. We compare options across lenders. We tell you plainly when a deal does not work. Start at our application or call (702) 766-3744. This is general information, not a commitment to lend.
A conventional loan is built to be sold to Fannie Mae or Freddie Mac, so it follows their rules. A portfolio loan is not. The lender sets the rules. So the answer to "will this work?" depends on the lender and the property. Most portfolio loans for investors are business-purpose loans. They are for non-owner-occupied investment property only.
iQRATE is a broker, so we do not fund loans ourselves. We compare your file across more than 100 lenders, a figure from our portfolio loans page. We then match the structure to your plan. Other iQRATE investor programs include DSCR loans, bank statement loans and jumbo loans.
| Structure | How it works | Usually fits when |
|---|---|---|
| Single-property DSCR loan | Qualifies on the rent the property earns, not your personal income. | You are adding one rental and your tax returns show little income. |
| Blanket loan | Several properties sit under one loan and one payment. They are cross-collateralized. | You want to simplify a growing set of rentals. |
| Lender-held portfolio loan | The lender keeps the loan and applies its own guidelines. | The property or borrower does not fit agency rules. |
| Conventional agency loan | Follows Fannie Mae and Freddie Mac rules. | You still have agency capacity left. |
For how rent-based qualifying is read on a rental, see our serial investor loans page.
Agency loans cap how many mortgaged properties one borrower can hold. Fannie Mae sets that cap at 10 financed properties. It applies to a second-home or investment loan run through Desktop Underwriter. If your own home has a mortgage, it is one of the ten. A building with 2–4 units counts once. Buyers who hit the cap tend to move to DSCR or portfolio loans for the next deal. Read the rule in the Fannie Mae Selling Guide on multiple financed properties. Reserve rules also change with property count. See the Fannie Mae reserve requirements. Cash-out rules are in the Fannie Mae cash-out refinance section.
Fannie Mae also expects a natural person as borrower. That is one reason investors who hold property in an LLC look at the borrower eligibility rules. They then look at portfolio or DSCR options.
Per the iQRATE portfolio loans page, which cites the Fannie Mae Selling Guide: the cap of 10 applies when the new loan is for a second home or investment property run through Desktop Underwriter. Your own home counts if it has a mortgage. A 2–4 unit building counts as one property, not one per unit. Count your schedule of properties against those rules before you pick a structure. Past the cap, investors usually move to DSCR or portfolio financing. Houston-area and Dallas investors often do the same, per our portfolio loans page.
This table shows how each financed property uses the Fannie Mae cap of 10. It is a count, not a loan offer. Your own mortgaged home counts as one.
| Financed properties | Share of the cap used | Slots left |
|---|---|---|
| 1 | 10% | 9 left. |
| 2 | 20% | 8 left. |
| 3 | 30% | 7 left. |
| 4 | 40% | 6 left. |
| 5 | 50% | 5 left. |
| 6 | 60% | 4 left. |
| 7 | 70% | 3 left. |
| 8 | 80% | 2 left. |
| 9 | 90% | 1 left. |
| 10 | 100% | None left. |
DSCR means debt-service coverage ratio. It divides the rent by the property's qualifying payment. This table shows the arithmetic only. Each lender sets its own minimum, and we do not state one here.
| DSCR reading | Rent as a share of the payment | Rent cushion |
|---|---|---|
| 0.50 | 50% | Rent falls short. |
| 0.60 | 60% | Rent falls short. |
| 0.70 | 70% | Rent falls short. |
| 0.75 | 75% | Rent falls short. |
| 0.80 | 80% | Rent falls short. |
| 0.85 | 85% | Rent falls short. |
| 0.90 | 90% | Rent falls short. |
| 0.95 | 95% | Rent falls short. |
| 1.00 | 100% | No cushion. |
| 1.05 | 105% | Rent can fall 4.8% first. |
| 1.10 | 110% | Rent can fall 9.1% first. |
| 1.15 | 115% | Rent can fall 13.0% first. |
| 1.20 | 120% | Rent can fall 16.7% first. |
| 1.25 | 125% | Rent can fall 20% first. |
| 1.30 | 130% | Rent can fall 23.1% first. |
| 1.35 | 135% | Rent can fall 25.9% first. |
| 1.40 | 140% | Rent can fall 28.6% first. |
| 1.50 | 150% | Rent can fall 33.3% first. |
| 1.60 | 160% | Rent can fall 37.5% first. |
| 1.75 | 175% | Rent can fall 42.9% first. |
| 2.00 | 200% | Rent can fall 50% first. |
The cushion is how far rent can drop before the reading falls to 1.00. It is simple division. It is not a payment example or loan offer.
The Las Vegas case study below had a DSCR of about 1.00, per David's account. High property taxes cut rent coverage, so check the tax bill for the exact property.
We keep local claims to what official sources state. The City of League City website states "With Over 40,000 Households" in its stats section. It also lists hike and bike trails, paddle trails, city parks and open space. Weigh those next to rent comps. We do not publish rent or price figures here. Get current numbers from a local agent or property manager before you underwrite.
On cost, our portfolio loans guide notes that Texas has no state income tax and no transfer tax. It also notes that high property taxes reduce the rent coverage on DSCR loans. The Texas Comptroller explains how property is valued for tax. Check the tax bill for the specific property before you count on a coverage ratio.
| Item | Why it matters |
|---|---|
| Rent (lease or market rent) | DSCR and many portfolio loans qualify on property income. |
| Property tax, insurance, HOA | These sit in the monthly carrying cost that rent must cover. |
| Reserves | Lenders often want cash left after closing. The amount varies by lender and program. |
| Prepayment terms | A penalty can make a refinance or sale costly. Ask before you commit. |
| Ownership entity | Individual or LLC changes which programs are open. |
| Exit plan | Hold, refinance, or sell. The loan should support the plan. |
We cannot state minimum down payments, rates or terms here. They vary by lender and program. We discuss them only on a real file.
Ownership structure is an early question. Fannie Mae expects a natural person as borrower, with narrow exceptions. So an LLC generally cannot be the borrower on an agency loan. Many investors who want the rental in an LLC look at DSCR or portfolio loans instead. Some lenders lend to entities. Others want a personal guarantee. Each lender decides, so confirm it before you sign a contract. Tax and liability advice belongs with your attorney and CPA.
I invest in real estate myself. Getting a loan approved and making a good investment are two different things. I've seen investors spend weeks negotiating a purchase price and then barely examine the financing terms. They focus on the interest rate. I look at the entire transaction: cash invested, monthly carrying costs, reserves, prepayment penalties and the exit strategy. A loan that saves you money today can become expensive if you need to refinance or sell before a prepayment penalty expires. — David Ghazaryan
That is why I treat an investor's mortgage differently from a home purchase. I want to know whether the financing supports your strategy. A lender's approval is not enough.
Do not stop at the first quote. Ask every lender the same questions.
| Question to ask | What the answer tells you |
|---|---|
| Is there a prepayment penalty, and how long does it last? | Whether you can sell or refinance on your timeline. |
| Is the loan recourse or non-recourse? | Whether you carry a personal guarantee. |
| Can one property be released from a blanket loan? | Whether one sale forces a payoff of the whole note. |
| Is the loan assumable? | Whether a buyer can take it over later. |
| How does the lender set rent for the DSCR test? | Lease rent, market rent, or the lower of the two. |
| Are reserves held in an account or only verified? | How much cash is tied up after closing. |
| Is it interest-only for a period, or fully amortizing? | How cash flow looks while you hold. |
| Are there seasoning rules on a cash-out refinance? | When you can pull equity for the next rental. |
Terms differ by lender, so we do not publish figures here. Get each answer in writing before you sign a contract. Questions? Call (702) 766-3744.
Two official pages are worth a few minutes. First, look up any mortgage broker, including iQRATE, on NMLS Consumer Access. Search our Company NMLS 1862492 or David's NMLS 1486726. Second, the CFPB's Regulation Z scope section explains which credit falls under consumer-credit rules. The CFPB page covers how Regulation Z defines its scope, so read it for the official wording. The Fannie Mae baseline above is a reference point only. A portfolio lender can set different rules. Want to talk through a real file? Call (702) 766-3744 to get started.
| Fact | Figure | Source |
|---|---|---|
| Financed-property cap, agency second-home or investment loan through Desktop Underwriter. | 10 properties | Fannie Mae Selling Guide (linked above) |
| Financed property slots left for rentals if your own home has a mortgage. | 9 (10 minus your home) | Calculated from the Fannie Mae cap |
| Financed properties one 2–4 unit building uses. | 1 | Fannie Mae Selling Guide (linked above) |
| States where iQRATE arranges DSCR loans. | 4 (NV, CA, TX, FL) | iQRATE serial investor loans page |
| Lenders iQRATE compares for investor files. | More than 100 | iQRATE portfolio loans page |
| David in the mortgage industry since. | 2005 (21 years) | iQRATE serial investor loans page; years calculated |
| Tax practice founded. | 2008 (18 years) | iQRATE serial investor loans page; years calculated |
| Tax returns prepared. | More than 6,000 | iQRATE serial investor loans page |
| Closing time on the Las Vegas example below. | Less than 3 weeks | David's account |
| Households, per the city's own site. | Over 40,000 | City of League City website |
| Company reviews. | Google 5.0 (77), Zillow 5.00 (9), Yelp 5.0 (51) | iQRATE reviews |
| Fannie Mae rules that decide how far agency financing goes for a rental investor. | 3 (loan-to-value limit, reserves tied to property count, natural-person borrower) | iQRATE serial investor loans page; Fannie Mae reference cited there |
Our serial investor loans page says DSCR loans are available in all four states where iQRATE arranges them. Those are Nevada, California, Texas and Florida. Each state adds its own costs. Nevada has a real property transfer tax, set out in NRS chapter 375. Florida has a documentary stamp tax. It also limits yearly assessment growth on non-homestead property under Florida Statutes section 193.1554. California has change in ownership rules. California LLC owners can start with the Franchise Tax Board LLC page. The state's Department of Financial Protection and Innovation explains licensing under the California Financing Law. In Clark County, Nevada, see the county's recording instructions. Budget for each state, property by property. For Texas-specific DSCR detail, see our Texas DSCR loans page. For general investor options, see our investors page.
Each lender sets its own list. Treat this as a starting point. We confirm the exact list once we know the program. Send yours through the application, our contact page or call (702) 766-3744.
This case study comes from David's own account of a Las Vegas purchase. It is not a local one. It is included because the lesson applies to any investor under a builder contract. The buyer in it closed in less than 21 days, per David. Results vary and every file is different.
| Case study item | Per David's account |
|---|---|
| Properties financed | 1 brand-new Las Vegas investment property |
| Builder-lender decisions | 1 denial, after she applied through the builder's channel as required |
| Loan type used instead | 1 DSCR mortgage, qualified on rental income |
| Debt-service coverage ratio | About 1.00 |
| Time to close | Less than 3 weeks |
A client's financing on a brand-new Las Vegas investment property fell apart. She had found a move-in-ready home that another buyer had failed to close on. The builder wanted it sold and offered unusually generous incentives. But it required her to apply through its preferred lender.
The builder's lender denied her loan. Normally that costs the buyer both the financing and the incentives.
She had satisfied the builder's requirement to apply through its lending channel. So the builder agreed to honor the incentives with outside financing. We arranged a DSCR mortgage that qualified on the property's rental income. It did not use a personal debt-to-income calculation. The incentives went toward a buydown. The debt-service coverage ratio was about 1.00.
The client closed in less than 21 days, per David's account. The investor got the new rental and kept the negotiated incentives. The buyer obtained financing even though the builder's own channel had declined her. That investor closed in less than 21 days with outside financing. Another buyer's timeline may differ. The lesson: a denial does not always end a good deal. Sometimes the answer is reading the purchase contract, protecting the buyer's negotiating position and picking a program that fits the investment.
David's own words on that deal:
The lesson I took from that transaction is that a lender's denial doesn't necessarily mean a good investment opportunity is dead. Sometimes the solution is understanding the purchase contract, preserving the buyer's negotiating position, and choosing a financing program that fits the actual investment.— David Ghazaryan, first-hand account
These two are short summaries of Zillow reviews of David's work on investment purchases. They come from the iQRATE review log. Each reviewer describes a different property and a different outcome, and results vary.
A reviewer wrote that David "handled the purchase of my investment duplex in Olympia - Washington State." The reviewer said David was referred by a realtor, "closed on time, and communicated clearly." The lesson for any investor: a clear timeline and steady contact matter as much as the loan type.
Another reviewer wrote that David "started from tax advice on how to file to easily qualify and ended with a congratulatory call when the loan funded." Source: Zillow review in the iQRATE review log.
Questions before you apply? Call iQRATE at (702) 766-3744 and ask for David. You can also contact us or apply now from the links on this page.
Our serial investor loans page states that David Ghazaryan owns iQRATE Mortgages. He entered the mortgage industry in 2005 and founded a tax practice in 2008. He has prepared more than 6,000 tax returns. iQRATE is licensed in four states: Nevada, California, Texas and Florida. More about the team is on our about page.
These are company-wide reviews from other markets and loan types. iQRATE's Google rating is 5.0 across 77 reviews, and its Zillow rating is 5.00 across 9 reviews. Eight verbatim reviews follow: 6 from Google and 2 from Zillow, each labeled with its platform. Read more on our reviews page.
"Andrei and David were so great! They're helpful and communicated everything with me through the whole process. I am so pleased and look forward to using iqrate for my future investment properties. 10/10 Will be reccomending to friends."— Kassandra Arthur, Google review (company-wide, other market)
"David handled the purchase of my investment duplex in Olympia - Washington State. He came recommended by my realtor, and was very attentive, closed on time, and communicated clearly."— Nnamdi Chima, Zillow review (company-wide, other market: Olympia, WA)
"The team at iQRate Mortgages is experienced, thorough, and professional. They are also very personable and are there to walk you through the process step by step. I highly recommend iQRate Mortgages for a seamless processing of your Mortgage loan. My experience with them was very good. I have also been a client of David's for a couple of decades. I have always had a wonderful customer service experience."— shawnda urquidi, Google review (company-wide, other market)
"Outstanding service with the help from this team! Everything was smooth, effortless, and headache free! They answered all my questions with ease & I will recommend friends and family as well! I most definitely will continue using this company for future mortgage needs!"— Ryan Lulo, Google review (company-wide, other market)
"Great professional work! Because of exceptional coordination from Andrei and the team, our escrow was closed seamlessly several days earlier. All our questions and concerns were addressed promptly. My husband and I would highly recommend this team to whoever is looking for a new mortgage or refinancing."— Oksana Kozlova, Google review (company-wide, other market)
"My experience with the IQRATE team was phenomenal. I bought my first house and they helped me through the entire process. David , Andrei & Gayane were so helpful, communicative & patient with me as I had so many questions throughout the entire process. They made everything so simple & effortless & I will definitely be working with them for any mortgage needs I have."— Anthony Kingston, Google review (company-wide, other market)
"The best experience that I have ever had with mortgage company, David and his team are awesome and they always keep me updated on a daily basis about my mortgage process. They are professional, down to earth, helpful and they always available to answer all your questions. Thank you David and iQRate mortgages"— Edmond Boghosian, Google review (company-wide, other market)
"David was very professional and went above and beyond to make sure I understand the loan procedure. In addition, he went with me to my closing because I expressed that I would be more comfortable with him there to explain the documents to me. He was there and ensured a smooth transaction. Everything completed as expected. I would definitely recommend him to my friends and family."— Jasmin, Zillow review (company-wide, other market)
It is investor financing that does not follow Fannie Mae and Freddie Mac rules. It can mean a loan the lender keeps under its own guidelines, or a blanket loan covering several rentals.
No. iQRATE Mortgages is a mortgage broker. We arrange loans through lenders and compare options across them. Lenders make the credit decision.
Often yes, but it depends on the lender and program. Agency loans generally need a natural person as borrower, which is why many LLC borrowers use DSCR or portfolio loans.
Fannie Mae allows up to 10 financed properties on qualifying second-home or investment loans. Past that, investors usually look at DSCR or portfolio financing. See the Fannie Mae guide linked above.
No. They are business-purpose loans for non-owner-occupied investment property only.
A blanket loan puts several properties under one note and one payment. They are cross-collateralized, so a problem on one can affect the others. Ask how a single property can be released if you sell it.
Yes. A penalty can make a refinance or sale costly. Ask about it before you commit, and match the loan to your hold period.
We do not list them. Terms vary by lender, property and borrower. We discuss them only after reviewing your actual scenario.
Not always. A DSCR loan qualifies on property rent. A portfolio loan is any lender-held or blanket loan. Some use a DSCR test and some do not.
It means several properties secure one loan. A problem or payoff on one property can reach the others.
Often, within lender rules on seasoning, loan-to-value and reserves. The agency baseline is in the Fannie Mae cash-out section linked above.
Start with a schedule of every property. Then call (702) 766-3744 or use the application linked at the top of this page. iQRATE arranges DSCR loans in Nevada, California, Texas and Florida.
Call (702) 766-3744 and ask for David, or use the application link below.
I own investment property too. When you bring me a League City-area deal, I start with cash flow, the cash you keep in reserve and how you plan to exit. A loan that suits an early rental can be a poor fit once your list grows. I will tell you plainly if a purchase does not work. Start your application or call (702) 766-3744.
iQRATE Mortgages, Company NMLS 1862492. David Ghazaryan, Mortgage Broker, NMLS 1486726. Licensed in Nevada, California, Texas and Florida. Equal Housing Opportunity. iQRATE is a mortgage broker, not a lender. Phone (702) 766-3744. DSCR and portfolio loans are business-purpose loans for non-owner-occupied investment property. Nothing on this page is a rate quote, offer or approval, and it is not a commitment to lend. All loans are subject to lender underwriting and program guidelines. Affiliated business arrangement: iQRATE Mortgages LLC, Red Rock Realty LLC and iQTAXX Tax Services Las Vegas are affiliated companies.
