No Primary Residence DSCR Lenders

[Richard Griswold]

Hello everyone, I'm looking to invest in single family and small multi family units in Columbia and am looking for DSCR lenders that do not require ownership of a primary residence. My wife and I are stationed in the Washington DC area, where a condo costs over 300k and a house starts at 600k, so buying a personal residence is of no interest to us.

Thank you all for your help! 

[Erik Estrada]

Quote from @Richard Griswold:

Hello everyone, I'm looking to invest in single family and small multi family units in Columbia and am looking for DSCR lenders that do not require ownership of a primary residence. My wife and I are stationed in the Washington DC area, where a condo costs over 300k and a house starts at 600k, so buying a personal residence is of no interest to us.

Thank you all for your help! 

 Did you recently sell your primary or have had a history of ownership? 

[Robin Simon]

Quote from @Richard Griswold:

Hello everyone, I'm looking to invest in single family and small multi family units in Columbia and am looking for DSCR lenders that do not require ownership of a primary residence. My wife and I are stationed in the Washington DC area, where a condo costs over 300k and a house starts at 600k, so buying a personal residence is of no interest to us.

Thank you all for your help! 

A lot of DSCR lenders have prohibitions or limits on "first time investors" or renters but there are a handful that it would not be a problem

[Issac San Miguel]

I know of a first time investor option that does not require you to own a primary residence for DSCR.

[Heith Reade]

I think like most have mentioned, there are definitely DSCR lenders out there that DO NOT require an existing primary home to be owned.

[Nate Sanow]

Look into other similar versions of "DSCR Loans" like… no and low doc, non qm… I wish I knew about the flexible variety of lenders that's out there sooner.

[Jay Hurst]

@Richard Griswold   Yes, we allow. Just at lower loan to values with no mortgage history. 

[Nick Belsky]

@Richard Griswold

Are you renting under a lease or living rent free? Many lenders will lend on DSCR either way, but it makes a difference to which lender would fit you better.

You may want to reach out to a mortgage broker.  We have lots of options and can get you paired up with the right lender much more quickly.

Cheers!

[Eliott Elias]

Get with @River Sava 

[BiggerPockets Investor Concierge]

@Richard Griswold There are several. Check out Hurst Lending. 

Also, I would highly recommend searching the NMLS to research the status any of the lenders above and looking at their BiggerPockets reviews before working with them.

[Alex Bekeza]

@BiggerPockets Investor Concierge @Richard Griswold I know of some solid options as long as you're willing to use a professional 3rd party property management company.  I found myself in the same boat when buying my first rental a few years ago. 

[Drew Sygit]

The biggest reason they don't allow the scenario outlined is they don't want you living in the property.

They are doing nonQM loans which fail if you owner-occupy the property.

[Zach Edelman]

Quote from @Robin Simon:

Quote from @Richard Griswold:

Hello everyone, I'm looking to invest in single family and small multi family units in Columbia and am looking for DSCR lenders that do not require ownership of a primary residence. My wife and I are stationed in the Washington DC area, where a condo costs over 300k and a house starts at 600k, so buying a personal residence is of no interest to us.

Thank you all for your help! 

A lot of DSCR lenders have prohibitions or limits on "first time investors" or renters but there are a handful that it would not be a problem

 I second this statement.