DCSR/No Income Doc Mortgage Loans
DSCR/ No Income
Our DSCR/No income documentation loans are a great permanent loan alternative for investors who either can’t qualify for a conventional loan or do not want to reveal their tax returns. These loans offer long amortizations and are designed for residential investment properties only. Using a DSCR loan the market rent can qualify the borrower provided the rent is equal to the proposed new mortgage payment.
Property Types
Residential
Term
Up to 40 years
LTC
Up to 75%
Markets
Texas
Rate
TBD
Qualifying
No tax returns required
Loan Amounts
$100K
Fees
TBD
Recourse
Yes
Amortization
Up to 40 years
LTV
Up to 75%
CLTV
Up to 75%
Pre-pay Penalty
TBD
Escrows
None
Credit Score
650
Why Should You Use a DSCR/No Doc, No Income Loan?
DSCR/No income documentation loans are great for investors who either do not meet the qualifications for conventional loans or do not have the required documentation.
You may want to consider a no income doc loan in the following scenarios:
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- You are recently self-employed
- You have complex tax returns
- You have an irregular income
- Your tax reported income doesn’t meet conventional standards
Benefits of DSCR/No Income Doc Loans
No-income documentation loans are a great option for many investors for a variety of reasons:
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- Allow you to use the potential rent to qualify
- Less hassle and documentation required
- More flexible requirements
- Quick funding
- Refinance up to 75% of property value
- Loan amounts of $100K+
- The property can be in the name of an LLC
Cons of No Income Doc Loans
While no income doc loans can be very flexible, there are also a few drawbacks to this loan option.
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- A 25% down payment is required if using as a purchase loan
- Prepayment penalties for 3-years
- Minimum of 680 credit score required
- Home must be in livable condition
Types of No Doc Loans
- Interest-Only available
- DSCR loans allow the rent to qualify the borrower
- 12-month bank statement loans
How to Get Approved for a No Income, No Doc Loan
- Contact our team for assistance and submit your application
- Be sure to review your credit score, income, and debt to ensure you are able to qualify and pay off your loan on time
- Be able to provide bank statements
- Get Pre-Approved! – Learn more about our process
FAQ of DSCR/No Income Loans
What is a DSCR/No Income, No Doc Loan?
DSCR/No income documentation loans are asset-based mortgages that do not require tax returns.
Is this loan program available for primary residences and investment properties?
No, this loan program is only available for investment properties.
Do I have to be employed to qualify for this loan?
No.
What items are necessary to qualify for this loan?
Application, ID, and 2 Months Bank Statements.