If someone is not able to qualify for a mortgage, can they pay cash then refi? Or are refi requirements the same as for a conventional loan?

Why can't you qualify for the mortgage? Credit score? Lack of W2 income? DTI?

@Chris Klingemann

A refi is still a mortgage so I don't believe it will matter if they purchased the property in cash.

The real question is why can you afford to pay a property in cash but can't qualify for a loan? Credit can be shot in many different ways. Can this person fix their credit quickly before applying for the loan?

@Chris Klingemann it will be a bit easier but not automatic. Rental income potentially taken into account and evidence that it is stable will help. As folks above mentioned why can't you qualify?

using commercial or portfolio will help too. The banks that sell the loans still need to have it fit in neat income boxes.

@Jonathan R McLaughlin

Looking to qualify for a STR property second home which makes qualifying income tougher supposedly and with 30% drop in w2 income due to covid another challenge..

@Timothy Hero

Lack of w2 income since it's a STR property and not long term rental, so DTI is the main issue...?

@Chris Klingemann

Save your cash. Go with a DSCR loan. Easy qualification because income isn't a factor; just the property and the guarantor's credit. Save yourself some time and get a good broker who knows which companies takes STR and which don't.

Stephanie