No Income Verification Investor Loan, DSCR No Ratio Loans, No Doc Loans
Our No Income Verification Investor Loan, No Ratio DSCR Loan allows borrowers to qualify based on the rental income analysis to determine the property’s cash flow. No personal income is required to qualify. This saves you from submitting complicated income statements and tax returns.
What is the debt service coverage ratio for DSCR loans in real estate?
- A DSCR ratio of one or greater: A DSCR loan uses a DSCR ratio to determine if the property will generate enough income to be eligible. Similar to a debt-to-income ratio (DTI).
- No Ratio DSCR loans are also available.
- Property Type: DSCR loans are generally available for a variety of residential properties, including multifamily and mixed-use properties. They are required to be an investment property and cannot be primary or second homes.
- Credit Score: While the focus of a DSCR is on the property’s income, a higher credit score of 620 and up will likely be required.
- Down Payment: A down payment of 15%-30% is generally required for a DSCR loan, depending on the type of property as well as other factors.
- Loan-to-Value (LTV) Ratio: The LTV, which is the loan amount divided by the property’s appraised value, is usually capped at 70%-80%.
- Property appraisal: An appraisal is required to determine the value of the property and rental income.
- Minimum loan amount: Our DSCR loans have a minimum loan amount of $150,000.
What are the Requirements for Getting a No Income Verification Investor Loan?
- Credit Scores down to 620.
- 85% LTV Max.
- No DTI Restrictions.
- The programs are available for single-family residential housing (regular houses, townhomes, and condominiums). Multi-unit up to 8 units and mixed use properties are also eligible.
- No limit on the number of properties financed.
- Loan amounts up to $3 million.
- Seller Concessions to 6%.
- Minimum Loan Amount $150,000
- 30-Year Fixed Rates and Interest Only Options Available.
- 3-Year Waiting Period for Foreclosures, Bankruptcy.
Key Highlights of our No Income Verification Investor Mortgage
- No personal income used to qualify
- Unlike Fannie Mae’s 5 to 10 Financed Properties Guidelines, there is no limit on the number of properties financed with the No Doc Investment Property Loans.
- Again, unlike traditional Investment Conventional Loans, Rental Property Financing, and No Doc Investment Property Loans can be financed directly to an LLC
- As little as 0 months reserves.
- Designed for Investment Rental Properties
- Great for Airbnb & VRBO Units
Comparing Current DSCR Mortgage Rates
When your shopping for a No Income Verification investor mortgage rate, we will get you the lowest interest rate possible, thus getting you the lowest interest rate that could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find the best No Income Verification mortgage jumbo loan rate is a big deal.
Use Rental Income to Qualify?
Yes, with a No-Ratio DSCR loan you can use rental income and even potential rental income to qualify for rental home DSCR loans.
What is a no ratio loan?
A No-Ratio DSCR loan is a type of mortgage that allows us to approve your loan without verification of your income. Basically, it’s a “potential rental income mortgage”. We call this debt service coverage ratio, but without actually being tied to your income.
With a No-Ratio mortgage loan, we don’t consider your income to qualify. Instead, we focus on the income potential of the property and down payment. No ratio DSCR loans close faster too because it involves way less documentation than conventional loans with no debt service coverage ratio.
What is debt service coverage ratio (DSCR)?
The debt service coverage ratio is the ratio of the PITI Principal interest, Taxes, Association dues, and Insurance annual divided by the gross operating income as determined by the appraiser, current lease in place, or AIR DNA income projection divided by the PITI Principal interest, Taxes Association dues, and Insurance costs.
What if it Property Payment is higher than the projected Rental income?
Not a problem we offer a DSCR no ratio loan for investment properties when this happens!
Is it hard to get a DSCR loan?
NO! E Zip Mortgage allows almost all properties regardless of the cash flow to qualify!
Is a DSCR loan good?
For those that can’t document their income, or own more properties than Fannie Mae will allow it’s a great loan option.
How does DSCR program work?
A typical Non-QM Debt Service Coverage Ratio (DSCR) loan allows the borrower to qualify for a mortgage based on the cash flow generated from an investment property through a projected rental, as opposed to their personal income.
Expert advice at your fingertips
Our home loan experts are available 7 days a week to answer all your home loan questions. We don’t keep bankers’ hours…. we understand that you have busy schedules, that’s why we’re available nights and weekends.
Eddie Hoskins Founder & CEO
Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.
Why should you choose us for your home loan?
We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so you’re not stuck with one set of restrictive underwriting guidelines.
Are credit scores a little low?
We have a credit score analyzing tool that can provide us with options to improve your credit scores quickly through a rapid credit rescore that usually takes 48 hours.
“We Think Outside The Box”
Our “Outside The Box Thinking” gets home loans approved and closed every day! From Bank statements as Income loans to 50% debt to income ratio approvals, we do them all.
We’ve streamlined the mortgage process, and closed in 30 days or less.
From application to closing, all from the palm of your hand.
