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David A. Krebs is a licensed mortgage broker with over 15 years of experience offering loan options beyond traditional banks

Calling all seasoned real estate investors: Despite COVID-19, “No Ratio” loans (also known as “DSCR” loans) are back!

What does that mean in plain English?

It means you can qualify for a loan to purchase or refinance a rental investment property without having to show the lender your tax returns, W2s, or other income documents.

And, if you have a high debt-to-income ratio (DTI), that is not an obstacle because under this program there is no requirement that your DTI is below a certain level, hence the term, “No Ratio program”.

Instead, the lender focuses on the property’s income potential compared to the expenses. This ratio is known as the debt service coverage ratio (DSCR), hence the term, “DSCR program”.

Here are some specific highlights:

~ Collateral types: SFR; PUD; Townhouse; Condo (including Non-Warrantable Condo); 2-4 Units

~ Loan amount: Up to $2M

~ 30-year fixed interest rate

~ LTV (purchase): Up to 65%

~ LTV (cash-out): Up to 60%

~ Credit score: 680 minimum

~ Eligibility: U.S. citizen; permanent resident; nonpermanent resident with U.S. credit

~ Available option for interest-only payments

~ 6-12 months reserves required

~ Seller or interested party can make a maximum contribution of 2% toward closing costs

Please contact me at 321-239-2781 or david@davidakrebs.com or by clicking here.

Miami mortgage broker

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