DSCR Loan Ohio Reviews 2024: A Complete Detail of DSCR Loan

DSCR Loan Ohio Reviews: Debt Service Coverage Ratio (DSCR) loans based on the property’s cash flow rather than personal income.

Ohio is an excellent state to open rental properties, and there are many reasons to consider DSCR loans in Ohio. The state has a hot housing market, a powerful local economy, and changing demographics that can benefit investors.

There are several lenders that offer DSCR loans in Ohio, including Visio Lending, New Silver Lending, CoreVest Finance, LendDing, and Foundation CREF. The loan amount can range from $30,000 to $2,000,000, and the interest rates vary depending on the lender. The minimum FICO score required to qualify is 680, and borrowers must provide a 20% down payment. The loan-to-value and loan-to-purchase price ratios permit up to 80% financing.

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How Do I Qualify for a DSCR Loan in Ohio?

To qualify for a DSCR loan in Ohio, you need to meet certain requirements. The property must have a projected DSCR ratio of at least 1.20 or higher, and you must provide documentation to support the property’s projected income, such as a rent roll, income and expense statement, and property appraisal.

There are several lenders in Ohio that offer DSCR loans. For instance, Visio Lending provides DSCR loans for rental properties in Ohio. They offer loans based on the property’s cash flow rather than personal income. The loan amount can range between $75,000 and $5 million, and there are few requirements of individual lenders, as the loan-to-value ratio is determined by the property’s cash flow rather than personal income. The process is streamlined, and you don’t need personal income verification, tax returns, or a low Debt-to-Income ratio to qualify.

Another lender that offers DSCR loans in Ohio is New Silver Lending. They offer a fixed interest rate of 7.5%, without a minimum DSCR requirement.

Are there any other lenders that offer DSCR loans in Ohio?

Visio Lending: They offer DSCR loans in Ohio, which are based on the property’s cash flow rather than personal income. The minimum loan amount is $75,000, and the maximum loan amount is $5 million. They also provide a streamlined process with very little paperwork required.
New Silver Lending: They offer DSCR loans in Ohio with a fixed interest rate of 7.5%. Borrowers need a minimum FICO score of 680 and must provide a 20% down payment.
CoreVest Finance: They provide DSCR loans in Ohio for real estate investors seeking to purchase, refinance, or renovate commercial or investment properties. DSCR loans take into account both the property’s cash flow and the borrower’s capacity to repay the loan.

DSCR Loans Documents

DSCR loans are mortgage loans for residential income-producing properties. They are primarily based on the “Debt Service Coverage Ratio” or the cash flow of the property, rather than the borrower’s income.

DSCR loans require none of these! The requirements to get DSCR loan programs in Ohio are as follows:

A credit score of 620 or higher is a common requirement for obtaining a DSCR loan.
A down payment of 20-25%.
Loan-to-value (LTV) ratio of 75% to 80%.
A DSCR of 1 or above.
Property’s positive cash flow.
Appraisal form and 1007 rent schedule form.

DSCR Loans Ohio Reviews

BiggerPockets has a discussion thread on DSCR loans in Ohio.
Liberty Home Mortgage has a page on DSCR loans in Ohio.
My Perfect Mortgage has a guide to the best DSCR lenders in 2023.
Visio Lending has a page on Ohio DSCR loans.

Interest Rate of DSCR Loans

According to New Silver Lending, a DSCR loan in Ohio offers a fixed interest rate of 7.5%.

Please note that the interest rate may vary depending on the lender, your DSCR ratio, and other factors like down payment and credit score. It’s best to shop around for the right lender to get the best terms and rates.

DSCR Loans Ohio Repayment

The repayment terms for a DSCR loan will vary depending on the lender and the borrower’s specific situation. DSCR loans commonly have longer repayment terms than traditional loans, with terms ranging from 10 to 30 years.
Instead, DSCR loans are based on the property’s ability to generate sufficient cash flow to cover the loan payments.
Creative Mortgage Loans is another lender that offers DSCR loans in Ohio. They provide DSCR loans with longer repayment terms than traditional loans, with terms ranging from 10 to 30 years.
Loan Trust allows for a DSCR ratio of as little as 0.75. But if the DSCR is smaller the greater the interest you’re paying, and thus we advise a ratio of around 1.0. If it was 1.0 your earnings were equal to the credit card debt, which ultimately meant the loan could be repaid.
New Silver Lending offers DSCR loans in Ohio with a fixed interest rate of 7.5%, without a minimum DSCR requirement.
The loan-to-value and loan-to-purchase price ratios permit up to 80% financing, and the loan amount can range between $100,000 and $2,000,000.

DSCR Loans repayment penalty

If your loan is below $107,633, your DSCR lender cannot charge you a penalty fee. Unfortunately, I could not find any other information about DSCR loans in Ohio with respect to repayment penalties.

DSCR Loans Ohio Legit

Based on my search results, there are several lenders that offer DSCR loans in Ohio. One such lender is Visio Lending. They offer DSCR loans to finance rental properties based on the property’s cash flow rather than personal income. The loan-to-value ratio is determined by the property’s cash flow, and not personal income. This makes it easier for real estate investors to qualify for loans without verifying personal income.

Another lender that offers DSCR loans in Ohio is My Perfect Mortgage. They provide funding based on a property’s cash flow, and borrowers aren’t required to provide W2s, pay stubs, tax returns, or other income verification documents.

LoanTrusts is another lender that offers DSCR loans in Ohio. They allow real estate investors to borrow cash to fund their properties, and the DSCR lending process is relatively easy for all Ohio real estate investors to get qualified for without verifying any personal income.

Finally, CoreVest Finance is another lender that offers DSCR loans Ohio. They provide financing options for real estate investors with less-than-perfect credit or limited personal income.