Do I need 3 credit lines for DSCR?

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Do I need 3 credit lines for DSCR?

Liam Ritter
Member since 2024 · 8 posts · 4 votes

Or is it depending on which lenders? 

Looking for a lender who can go with 1 credit line.

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  • Joseph Chiofalo
    Banker · Henderson, NV · Member since 2023 · 316 posts · 73 votes
    2y

    Hi Liam, 

    There are programs available where 1 trade line would suffice.  

    Is this for a purchase or refinance transaction? 

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Liam Ritter:

    Or is it depending on which lenders? 

    Looking for a lender who can go with 1 credit line.


     Hey Liam, 

    For how long of a history have you had this credit line? 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Liam Ritter
    OP
    Member since 2024 · 8 posts · 4 votes
    2y
    Quote from @Erik Estrada:
    Quote from @Liam Ritter:

    Or is it depending on which lenders? 

    Looking for a lender who can go with 1 credit line.


     Hey Liam, 

    For how long of a history have you had this credit line? 


     One and 6 months. (Aka 1.5 year)

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Liam Ritter:
    Quote from @Erik Estrada:
    Quote from @Liam Ritter:

    Or is it depending on which lenders? 

    Looking for a lender who can go with 1 credit line.


     Hey Liam, 

    For how long of a history have you had this credit line? 


     One and 6 months. (Aka 1.5 year)


    What kind of credit is it? Typically most lenders will want to see a full 2 years, but depending on the credit type, your reserves, DSCR and, experience, you may be able to pull it off with an exception

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Ko KashiwagiPro Member
    Lender · Los Angeles, CA · Member since 2022 · 967 posts · 445 votes
    2y

    There are programs out there that can use other histories as line of credit like utilities, phone bills and rent. I'm doing one right now with one active line of credit.

    310-848-9776
    0Reply
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