Hello
What is DSCR?
DSCR stands for Debt Service Coverage Ratio. As long as the potential rent covers the proposed mortgage with cash left over, the loan will generally qualify!
General Guidelines
No Minimum loan amount guides:
All 30 Year Fixed Terms
Home should appraise at purchase price
There is no minimum loan amount, you must own a primary residence, no first-time home buyers. (If no primary residence - minimum purchase price is $75,000)
Rates from 6.5% - 9.5% - rate dependent on credit score, loan to value, state, loan amount, Pre-Payment Penalty
Investment properties only
No more then 20 financed properties on credit report
680+ FICO
20% down (80 LTV)
680 & below FICO
25% down (75 LTV)
DSCR Ratio = 1
6-12 months reserves (bank statement showing you have enough funds to make the payment for 6 months)
Manufactured homes not permitted
Available in:
Al, AK, AR, CO, CT, DC, DE, GA, HI, IL, IN, IA, KS, KT, LA, ME, MD, MA, MS, MO, MT, NE, NH, NM, OH, OK, PA, RI, SC, TX, VA, WA, WV, WI, WY
States coming soon- Tennessee. Michigan to be approved in Jan 2025
Foreign National? We have options for you
Not a U.S. Citizen, don't fret!
Foreign citizens can still invest in the US. To purchase: Minimum home value must be $100,000 or higher with 35% down. Will need a drivers license or passport and visa. Cash out: limited to 60% of home value.