Looking for 15% down DSCR

Detroit, Michigan
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Looking for 15% down DSCR

Eli Kim
Member since 2023 · 27 posts · 12 votes

Hey guys. So I'm looking for a 15% down DSCR lender. I've capped out my DTI and I'm looking for other methods of purchasing another property. Any help would be appreciated. Thanks

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Jay HurstBusiness Member
Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
2y
Quote from @Eli Kim:

Hey guys. So I'm looking for a 15% down DSCR lender. I've capped out my DTI and I'm looking for other methods of purchasing another property. Any help would be appreciated. Thanks

 @Eli Kim 15% down DSCR programs do exist and look great on paper HOWEVER, they rarely actually work in the real world. The reason is that the DSCR has to be over 1.00 and the issue is that you are obviously financing the majority of the price which drives up the payment but also the rate's on the note are significantly higher then if you were to put down 20% for example. So, when you add those two items it makes it hard to actually keep the DSCR over 1.00.

Hurst Real Estate, INC4.991 Reviews
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  • Katie Smith
    Member since 2023 · 348 posts · 190 votes
    2y

    Hi Eli! Depending on your credit score, I may be able to help you out. To qualify for 85% LTV, we need a 740+ credit score. I'll dm you.

    0Reply
  • Jay HurstBusiness Member
    Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    2y
    Quote from @Eli Kim:

    Hey guys. So I'm looking for a 15% down DSCR lender. I've capped out my DTI and I'm looking for other methods of purchasing another property. Any help would be appreciated. Thanks

     @Eli Kim 15% down DSCR programs do exist and look great on paper HOWEVER, they rarely actually work in the real world. The reason is that the DSCR has to be over 1.00 and the issue is that you are obviously financing the majority of the price which drives up the payment but also the rate's on the note are significantly higher then if you were to put down 20% for example. So, when you add those two items it makes it hard to actually keep the DSCR over 1.00.

    Hurst Real Estate, INC4.991 Reviews
    WebsiteView Page
    3Reply
  • Brandon Croucier
    Lender · Lake Havasu City, AZ · Member since 2024 · 700 posts · 285 votes
    2y

    Hi Eli, if you've got a 720 Fico and the property cash flows, it's a done deal. Sent you a PM!

    0Reply
  • Arsen Atanasovski
    Investor · Rochester, MI · Member since 2017 · 1k+ posts · 584 votes
    2y

    Man how times changed, I remember asking for money and wouldn’t get one lender to reply. Now you have a whole bunch eager to give you money, you can get your terms nowadays but see if your numbers make sense

    0Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    yes definitely possible with 1.26 dscr ratio or greater . What is the scenario looking like ? 

    0Reply
  • Alex Hunt
    Lender · Member since 2022 · 441 posts · 134 votes
    2y

    1-4 units, 15% seller financing + 75%LTV. Would leave you with 10% down!

    Happy to chat further on this. 

    0Reply
  • Christopher Trastoy
    Member since 2022 · 27 posts · 11 votes
    2y
    Quote from @Brandon Croucier:

    Hi Eli, if you've got a 720 Fico and the property cash flows, it's a done deal. Sent you a PM!

    Hey Brandon,

    I got a deal that I would like you to take a look at.
    0Reply
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