Smart investors should consider DSCR loans. Where have all the jobs gone that pay a living wage and only require 40 hours a week of your time? They are still around, but things look different now. People are looking for novel ways to make a living, according to the growing trend of work-life balance. Learn more about our DSCR Loan Program.
What exactly does this entail for the mortgage department? While we cannot speak for other mortgage companies, this expansion implies that SteveKnowsLoans now provides more mortgage products than ever before. Borrowers that count on investment income can benefit from the flexibility of our non-QM debt-service coverage ratio loan.
Definition of a DSCR Loan
For those who would rather utilize their investment income than their own salary to get a mortgage, a debt-service coverage ratio (DSCR) loan is a great option. This sort of loan is classified as non-QM, which means that applicants are not required to adhere to the same stringent federal requirements as those applying for conventional mortgages. It confirms eligibility based on other factors.
Specifics of the DSCR Loan Program
Our DSCR mortgage could be a great fit for you if you rely heavily on cash flow from real estate investments to support your lifestyle. Some of the highlights of the show are as follows:
- There is no need to prove your income or job status.
- We are able to lend up to $3,000,000.00.
- Our mortgage options include 5/6 and 7/6 ARMs, as well as 30- and 40-year fixed-rate mortgages.
- The minimum required credit score for a borrower is 599.
- We will go as high as 85% CLTV (combined loan to value).
- The program accepts participants with DSCRs as low as zero.
- The borrower must have been the owner of a property in the last 24 months.
- The Foreign National Program makes this loan available to foreign nationals and those who are not permanent residents of the United States.
- The purchase of a condotel qualifies.
- Borrowers are free to use any cash proceeds for any purpose.
- We can gladly take cryptocurrencies for your down payment, closing costs, and reserves. To learn more, please get in touch with our staff.
Get in touch with SteveKnowsLoans today!
Each customer receives our undivided attention. Borrowers who receive money from non-traditional sources shouldn’t have to jump through extra hoops, in our opinion. Contact us today to find out more about our DSCR mortgage if you are a real estate investor looking to expand your portfolio.
Get in touch with one of our lending advisors today.
Call Steven Jackson at 813-616-9411 now!
