Frequently Asked Questions

There are a few different ways to improve your DSCR, including increasing your revenue, lower your expenses, or finding a more efficient way to use your working capital. You can also try refinancing existing debts to get better terms or extend the repayment period.

The right time to refinance can depend on several factors, like current interest rates, your credit score, and how long you plan to stay in your home. If interest rates are lower than your current rate, or if you want to switch to a different loan type, it might be a good time to consider refinancing. Need help evaluating your situation? Schedule a consultation!

In order to qualify for a Conventional Loan, you will need to have a strong credit score and a down payment of at least 3%. You will also need to show proof of income and employment history.
To qualify for a DSCR loan, you’ll need to have good credit and enough income to cover the loan payments. The lender will also look at the property’s performance history to make sure it has been generating enough income to cover the costs of operating and maintaining the property.
In order to qualify for a DSCR mortgage, you will need to have at least a 620 credit score and income to make the monthly payments. In addition, the property you are looking to purchase must be an income-producing property, such as a rental property or a commercial building.
To qualify for a jumbo loan, you’ll need a good credit score and a healthy debt-to-income ratio. You’ll also need to prove that you have the financial resources to make a large down payment and cover the monthly payments.
Lenders typically offset the lack of closing costs by charging a higher interest rate on the loan. This means that over time, you’ll end up paying more in interest with a no closing cost mortgage than you would with a traditional mortgage.
A DSCR loan works by using the property’s DSCR to determine the loan amount. The property’s DSCR is calculated by dividing the property’s net operating income by its debt service. The higher the DSCR, the higher the loan amount.
Borrowers with liquid assets can use those assets to qualify for a loan. The asset amount is added to the borrower’s income to determine loan eligibility. For example, if a borrower has $100,000 in liquid assets and earns $50,000 per year, the borrower can qualify for a loan as if they earn $150,000 per year.
The DSCR loan program is administered by the Small Business Administration (SBA). Businesses that meet the eligibility criteria can apply for loans of up to $5 million. The SBA guarantees a portion of the loan, which helps to reduce the risk for lenders and makes it easier for businesses to secure financing.
Once you decide to plan a home buying journey apply to get pre-approved. If you have some issues with the financial report, you will have time to improve the situation.
The process of getting approved for a jumbo loan can take several weeks. Borrowers should expect to provide documentation of their income, employment history, and assets. Lenders will also need to order a property appraisal. The entire process can take several weeks, so borrowers should plan accordingly.