Help with refinancing for a BRRR

[Nguyen Nguyen]

Hi folks,

I am in contract for a home to do my first BRRR. I am paying all cash since we weren't able to qualify for a conventional loan. DTI is too high since I have 2 mortgages right now. My income is decent.

So my concern is that we might not qualify for the refinance either since the lenders I talked to are requesting our docs and income. Is there a specific lender or loan product that I would need to look into to use the rent income that the property is producing?

[Jack Mawer]

You should certainly look at DSCR loans (debt service coverage ratio)- your DTI will not be taken into consideration; you will qualify based on your FICO score and the rental income the property produces in relation to your PITI expenses.