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DSCR Loans in Marina
Marina rental properties work differently than owner-occupied homes. DSCR lenders approve you based on what the property generates, not your tax returns.
Military reassignments from Fort Hunter Liggett and NPS create steady rental demand. Short-term rentals near the dunes pull strong seasonal income if zoning allows.
Most Marina investors target 1.0 DSCR minimum—rental income covers the full mortgage payment. Properties near CSUMB or the coastline hit 1.25+ ratios with proper tenant placement.
Credit scores start at 620 for 1.25+ DSCR properties. Higher ratios unlock better rates and lower down payments.
You need 20-25% down on single-family rentals, 25-30% on small multifamily. Cash-out refinances require 25% equity minimum.
Lenders use market rent schedules or signed leases to calculate income. Your personal income never enters the equation.
DSCR lenders split into two camps: portfolio lenders who price aggressively at 1.25+ ratios, and volume shops that'll do 1.0 deals with rate adjustments.
Rate spreads run 1.5-2.5% above conventional investor loans. You pay for the no-doc convenience.
Most lenders cap at 10 financed properties. A few specialist shops go higher but tighten credit and DSCR requirements past that threshold.
Marina investors chase two plays: military rentals near the base, or vacation properties banking on coastal tourism. DSCR math works differently for each.
Long-term rentals show consistent income that underwriters trust. Short-term rental projections get discounted 25-40% unless you show 12 months of documented history.
Buy properties that rent for at least 1% of purchase price monthly. A $600K home needs $6K+ rent to clear 1.25 DSCR after taxes, insurance, and HOA.
Conventional investor loans beat DSCR rates by 1.5-2 points if you can document income. Worth it on properties you plan to hold 5+ years.
Bank statement loans make sense for investors with multiple LLCs or complex structures. DSCR loans work better for single-property acquisitions.
Hard money gets you closed in 10 days but costs 9-12%. Use it for auction purchases, then refinance into DSCR within 6 months.
Marina rent control doesn't exist yet, but Monterey County watches Seaside and Salinas closely. Lock long-term rates if regulations spread.
Coastal Commission rules complicate STR conversions near the dunes. Check zoning before you buy—denied permits kill DSCR refinances.
Property insurance costs spiked 40% in coastal Monterey in 2023. Budget $3-5K annually for homes within 2 miles of the beach.
Most lenders require 1.0 minimum, meaning rent covers your full payment. Higher ratios unlock better rates and lower down payments.
Yes. Lenders use market rent schedules from appraisals to calculate income on vacant properties.
They work but underwriters discount projected STR income 25-40% unless you show 12 months of rental history.
15-25 days for purchases, slightly faster for refinances. No tax return review speeds things up versus conventional loans.
Rarely. A few lenders offer 15% down programs but require 720+ credit and 1.35+ DSCR ratios.
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.