DSCR Loans in Florida
How do DSCR loans work?
DSCR loans are typically fixed-rate loans with terms of 15 or 30 years. The interest rate on a DSCR loan will vary depending on your credit score, the amount of your down payment, and the property’s location.
● To qualify for a DSCR loan, you will need to meet the following requirements:
● Have a minimum credit score of 620
● Make a down payment of at least 20%
● Have a minimum DSCR of 1.25
Benefits of DSCR loans
There are several benefits to using a DSCR loan to purchase a rental property in Florida. These benefits include:
No income verification: Lenders do not require traditional income verification for DSCR loans. This means that you can qualify for a loan even if you have a low credit score or are self-employed.
Lower down payments: DSCR loans typically have lower down payment requirements than traditional loans. This can make it easier to get into the real estate market.
More favorable terms: DSCR loans often have more favorable terms than traditional loans, such as lower interest rates and longer terms.
How to qualify for a DSCR loan
If you are interested in a DSCR loan, the first step is to find a lender that offers them. There are many lenders that offer DSCR loans in Florida, so you should be able to find one that meets your needs.
Once you have found a lender, you will need to provide them with some basic information, such as your name, address, income, and assets. The lender will then use this information to determine if you qualify for a loan and what the terms of the loan will be.
Apply for a Florida DSCR Loan
The best way to continue investing in Florida property is to apply for a loan today. Griffin Funding offers DSCR loans in Florida that can help you get the funding you need to invest in a rental property and develop your portfolio further. To find out more about DSCR loans or apply for a Florida DSCR loan with Griffin Funding, call us today.