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Florida DSCR Loans were created for Florida property investors looking to maximize their ROI. These unique loan programs offer qualifications based on rental cash flow and not personal financials. Leverage our over $500 million in fundings since 2013 to successfully close on your next rental property mortgage loan!
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Faster Closing Times
Unlimited Cash Out
No Personal Income Requirements
No Employment History Verification
LLC and Other Entities Allowed
Your Trusted Florida DSCR Specialist
Florida DSCR Loans have become one of the most popular and sought after rental loan programs in the entire state of Florida. No more personal income or job history requirements, DSCR loans are the ideal solution for property investors looking to expand their portfolio. Independent Lending provides competitive rates and 5-Star service for our Florida DSCR clients. Contact us today to speak with one of our Florida licensed Mortgage Advisors.
- Faster Funding Times
- Purchase or Cash Out
- Flexible DSCR Solutions
- Short or Long-Term Rentals
- Vacant or Occupied Properties
- Full 30-year Terms with No Balloons
Florida
Florida is located in the South eastern region of the United States. This state borders the Gulf of Mexico, Alabama, Georgia and the Atlantic Ocean, with the longest coastline in the contiguous United States. Spanning approximately 1,376 miles and a population of over 21 million, it’s the third-most populous state in the U.S. The Florida rental market has high demand from both residents and tourists while offering no state income tax on rental income and attractive warm climate.
Debt Service Coverage Ratio Calculation Example
The following is an example of how the Underwriter might calculate a Florida DSCR loan
DSCR = Gross Rental Income / Monthly Debt
Subject Property: Florida Single Family Rental
Annual Gross Revenue: Property is renting for $2,000 per month with an annual gross revenue of $24,000
Operating Expenses: Principle, Interest, Taxes, Insurance and HOA add up to $1,400 per month with an annual operating expense of $16,800
Annual rent of $24,000 / Annual debt of $16,800 = 1.42
A DSCR of 1.42 indicates that the property generates over 42% more income than is needed to cover the debt service. A DSCR above 1.0 suggests that the property has strong cash flow position and should be able to comfortably handle the new loan.
Most Florida DSCR lenders require a DSCR of 1.0 or higher. With Independent Lending we can go lower with compensating factors. Call us at 1.800.315.0043 to learn more about qualifying for your Florida DSCR loan.
Common Florida DSCR Questions
A: Each month, the interest is added to your loan balance. You only repay the loan when you sell the house or when the loan becomes due (such as after you pass away).
A: The acronym DSCR stands for Debt Service Coverage Ratio. A DSCR loan is a Non-QM or Investor Cash Flow loan program used by Florida property investors allowing them to purchase or cash out of their rental property. This loan type focuses on the cash flow generated by the rental property rather than by the personal income of the borrower.
A: Yes, typically other DSCR providers require a credit score of 620+ however with compensating factors, we can go down to 575 scores.
A: Yes, the Underwriter will look at this scenario on a case by case basis. Typically if the subject property was recently remodeled or purchased an exception can be requested.
A: Yes, minimum down payment is usually 20% depending on other factors such as property type and credit score.
A: To begin the process of obtaining your Florida DSCR Loan you can call us direct at 949.216.3902 or toll free at 1.800.315.0043. You can also complete our Contact Form or fill out our secure one page Application Form.
How a Florida DSCR Loan Can Grow Your Portfolio
Florida Non-QM loans like the DSCR are great alternatives for investors wanting to qualify based on rental income and not traditional personal tax returns, paystubs or W-2’s. Hit your target Florida rental investment goals with these flexible programs catered to rental properties.
- Unlimited Property Portfolio
- Less Documentation Required
- Rental Property Focused Lending
- Flexible Common Sense Undwriting
- Rental Cash Flow Not Personal Income
- Quick and Streamlined Underwriting Approval
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Contact Independent Lending
Call Toll Free: 1.800.315.0043 / Local: 949.830.3151 or click the Contact Us button to fill out our secure web form for a call back. At Independent Lending, we give every loan request the respect it deserves.
