How do you qualify for a portfolio loan?

Qualifying for a portfolio loan is easier than qualifying for most standard loans. These loans do not need to meet the conforming standards of institutions like Fannie Mae and Freddy Mac since the lender does not intend to sell the loans.
As a result, portfolio loans can be extended to borrowers with low down payments or low credit. This means that the loans are high risk. They will be expensive to obtain. The expense is worth the risk only if the borrower has reason to believe that he or she can easily repay the loan and will not qualify for a conforming loan.

Ref : www.loan.com