DSCR Loans in Rural Area
I am curious if anyone has any experience with DSCR loans in rural areas. From what I can find, these loans seem difficult to get in rural areas. Mostly due to small population size or lack of comps. I live about an hour from Plattsburgh NY which is the largest city near me. Population 20k. My town probably has 5k. I have a free and clear rental property with 2 small houses both less than 2 years old. Appraised for $180,000. Looking to cash out. Would be happy with 75% ltv.
I am a carpenter by trade and make about 60k on the W2. My DTI is too high to take out a conventional loan.