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DSCR Loans in Exeter
Exeter's rental market has steady demand from agricultural workers and families priced out of Visalia. Single-family homes here rent fast if priced right.
DSCR loans work when the property's rent covers the mortgage payment. No tax returns needed. The property qualifies itself.
Most Exeter investors use DSCR for single-family homes in the $250k-$450k range. Rental income around $1,800-$2,500 monthly makes the numbers work.
Lenders want a DSCR of 1.0 or higher. That means monthly rent equals or exceeds the PITI payment. Higher ratios get better rates.
You need 20-25% down, 640+ credit, and reserves for 6-12 months of payments. The property must appraise and rent at market rate.
Self-employed investors love these loans. So do W-2 earners with complex tax returns showing low income but strong cash flow.
DSCR loans come from non-QM lenders, not big banks. Rates run 1-2% higher than conventional but approval is faster.
We shop 200+ wholesale lenders to find programs that count future rent, allow cash-out refinances, or accept lower DSCRs with bigger down payments.
Some lenders use actual leases. Others use appraisal rent schedules. We match your situation to the lender with the lightest documentation.
Run your numbers before you make an offer. Rent needs to hit 1.25x PITI for best pricing. Exeter's $2,000 average rent works on properties under $350k with 25% down.
Most borrowers miss the reserve requirement. You need actual cash in accounts, not equity in other properties. Plan for $15k-$25k in liquid reserves.
If your DSCR comes in at 0.9, don't walk away. Some lenders go to 0.75 with 30% down. We find those programs.
Conventional investment loans require full income docs and cap you at 10 properties. DSCR has no property limits and skips the tax returns entirely.
Hard money costs 9-12% but closes in days. DSCR runs 7-9% and takes 3-4 weeks. Use hard money for fix-and-flips, DSCR for rentals you'll hold.
Bank statement loans work for self-employed buyers who live in the property. DSCR works for pure investors who won't occupy.
Exeter properties need accurate rent comps. Use Zillow, Rentometer, and local property managers to justify your rent estimate. Appraisers are conservative here.
Most Exeter rentals are older homes needing maintenance reserves. Budget extra for roof, HVAC, and plumbing. Lenders want to see you have cushion beyond the 6-month minimum.
Tulare County taxes run around 1.1% annually. Insurance is climbing due to wildfire risk. Make sure your DSCR calculation includes current insurance quotes, not last year's estimate.
Yes. Most lenders accept an appraisal rent schedule showing market rent. A signed lease helps but isn't always required.
That qualifies but rates improve significantly at 1.1 or higher. Consider a larger down payment to lower the payment and boost your ratio.
No. You can close in your personal name or an LLC. Entity vesting doesn't affect approval.
Expect 3-4 weeks to close. We can move faster if appraisal and title come back quickly.
Yes. Many lenders allow cash-out up to 75% LTV based on current appraised value and rent coverage.
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.