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DSCR Loans in Corcoran
Corcoran's rental market runs on ag workers, correctional staff, and service workers. Cash flow matters more than borrower income here.
Most investment properties in Kings County are single-families or small multifamily units. DSCR loans work well when rents cover the mortgage.
Traditional lenders reject investors who can't prove W-2 income. DSCR lenders only care if the property pays for itself.
You need a DSCR of 1.0 or higher. That means monthly rent must equal or exceed your full mortgage payment including taxes and insurance.
Most lenders want 20-25% down and a 640+ credit score. The property's cash flow determines your rate, not your job history.
No tax returns required. No employment verification. Lenders pull a rent schedule or appraisal to confirm market rents.
DSCR loans come from non-QM lenders, not Fannie or Freddie. We access about 40 lenders who price these deals differently.
Some lenders allow DSCRs as low as 0.75 if you put more money down. Others won't go below 1.0 regardless of equity.
Rates run 1-2% higher than conventional loans. You pay for the flexibility of not proving personal income.
Corcoran investors often own multiple rentals. Banks reject them because debt-to-income looks terrible on paper, even though properties cash flow.
DSCR loans solve this. Your eighth rental qualifies the same as your first if the rent covers the note.
Watch property taxes in your DSCR calculation. Kings County reassesses at sale, which can spike your payment and kill your ratio.
Conventional investor loans max out at 10 properties and require full income docs. DSCR loans have no property limits and skip income verification.
Bank statement loans work if you're self-employed with decent deposits. DSCR loans work even if your business shows zero income on paper.
Hard money costs 9-12% for 12 months. DSCR loans run 7-9% for 30 years. Use hard money to buy, DSCR to refinance and hold.
Corcoran rental demand stays stable because of the state prison and ag industry. Tenants need housing regardless of market cycles.
Appraisers sometimes struggle with comps in smaller Kings County towns. Be ready for conservative valuations that affect your loan-to-value.
Section 8 tenants are common here. Most DSCR lenders accept Section 8 rent as qualifying income if the lease supports it.
Most lenders want 1.0 or higher, meaning rent covers the full payment. Some allow 0.75-0.85 with 30% down.
Yes. Lenders use an appraiser's rent schedule to determine market rents, even if the unit sits empty now.
Only if they're habitable and rentable. For major rehabs, use hard money first, then refinance into a DSCR loan.
No limit. Each property qualifies on its own cash flow, unlike conventional loans that cap at ten properties.
Some lenders go to 0.75 DSCR with larger down payments. Below that, you need different financing or better rent.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.