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A Debt-Service Coverage Ratio (DSCR) loan is based upon cash flow from rental income. Approval for the 30-Year Rental Loan will occur if there is enough cash flow from the rental income received on a particular property to cover the outstanding monthly debt on the property.
In order to qualify for a DSCR loan from Dominion Financial, the rental income needs to be 120% of the monthly expenses including but not limited to principal, interest, taxes, insurance, and any additional dues. You do not need to provide pay stubs, tax returns, or show income to qualify.
The main benefit of a DSCR loan is that it is based on borrower credit and property cash flow, not the borrower’s personal income. DSCR loans are considered to be “low-doc” loans in comparison to conventional loans which require more documentation in order to proceed with the loan.
A conventional loan is often difficult for Real Estate Investors to achieve as they require specific guidelines in order to meet the criteria of Fannie Mae and Freddie Mac. However, a conventional loan is appealing to those who qualify as they may be able to receive a lower interest rate.
The maximum LTV is 75% and will vary based upon your creditworthiness, the property location, and the property Debt Service Coverage Ratio.
Our main program is for single-family and multifamily up to 4 units. Sometimes we are able to fund a property above 5 units but that is not our fastball. If we can, it would be a 30-year fixed-rate mortgage. We don’t lend in NV. All of our loans are recourse loans. For short-term multifamily funding, we offer Multifamily Bridge Loans.
There is a 6 months seasoning period. After 6 months there are no LTC restrictions. Prior to 6 months, we can refinance the lessor or 85% of total cost vs 75% of LTV.
No, we do not, only non-owner-occupied residential properties.