Need A DSCR lender ASAP
Need a DSCR lender asap for properties in Detroit, KS, MO, Maine, TX and other states.
Fast lender, with fast underwriting. Need a lender that is good specifically for smaller purchase prices - $70-100k Purchase Price.
Most Popular Reply
Ruslan, the $70k to $100k purchase price band is the part of your post that is going to drive everything else, more than the speed of underwriting will.
Here is what usually happens on these. Most DSCR lenders set a hard loan-amount floor, commonly $75k to $100k, and a few sit at $150k. On a $70k purchase at 75% LTV you are asking for a $52,500 loan, which lands under the floor at a large share of the shops you are going to call. That is why these deals get slow. You are not getting underwritten and declined, you are getting screened out at intake and then passed around, which burns two weeks. The lenders who genuinely do this size tend to price it with a higher rate or a flat minimum fee, because the file costs the same to work regardless of size. Worth knowing that going in so the pricing does not surprise you.
The second thing to check early is that DSCR still pencils at that price point. Cheap properties often carry proportionally heavy taxes and insurance, and it is the PITIA, not the purchase price, that sets your ratio. Run the ratio before you fall in love with the deal.
On geography, I am licensed in Louisiana, Texas, Alabama, Mississippi. Florida and Georgia. However, I can do DSCR loans almost anywhere in the country.
If it is useful to talk through what actually clears at that loan size, you can grab a time here: https://api.leadconnectorhq.com/widget/bookings/talk-with-charles
No pressure either way, happy to just answer questions if that is all you need.
To your success, Charles Parharm, Mortgage Loan Advisor, Certified FHA Mortgage Professional, NMLS #1413036