21 Year Old College Student- 1st Rental Property Lending Advice

[Jake Benny]

Hello everyone, 

I was hoping to get some advice on ways to finance my first rental property. I have little credit built up, so I am wondering how I can get a loan from the bank or a third party lender. I have 50k in equity built up and am looking to buy my first rental property, most likely a single family house. I have made a post on BP before and some people have suggested a DSCR loan. I have done research into this loan and it seems like a good loan for me even though it seems like these loans typically have higher interest rates than a conventional loan. My question is, would I need a co-singer for this loan? Would I need a co-singer for any loan I obtain? Lastly, any advice on which loan would likely be the best loan for me?

[Jake Benny]

Quote from @Patrick Roberts:

Credit (both score and trades) will be factors with DSCRs, as will experience and whether you own a primary. Many DSCR products have requirements around rental management/investing experience and/or also that you own a primary residence. Could be possible to find a lender that doesnt require either. LTV caps will range from 70-85%, although terms will probably be horrible at 85%.

DSCR loans offer alternatives for DTI/income and employment, but generally still have strict personal credit requirements.

 Dear Patrick,

Thank you for your response. If a co-singer has a good credit score built up would that increase my chances of getting a loan?