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DSCR stands for Debt Service Coverage Ratio. It's a type of real estate investment loan where qualification is based on the property's rental income, not your personal income. It is a great loan option that does not require the substantial paperwork needed to qualify for a conventional investment loan and can be used for purchases or refinancing!
In short, this is an easy qualifying loan program for purchasing or refinancing investment properties; all you need is an average FICO score and a down payment of between 15% and 20% for purchases. No proof or personal income required!
Refinances are also allowed under the DSCR program, you can refi out of a higher rate loan, such as a hard money or private money, or complete a cashout refinance without needing to personally income qualify.
Some key points regarding this specialty loan:
DSCR loans are designed for investors who want to grow their portfolio without jumping through traditional lending hoops. If the property cash flows well, you've got a good shot at approval.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
