No Income No Employment Debt Service Coverage Ratio (DSCR) Investor Loans
LENDERLINE® is currently offering no income no employment debt service coverage ratio (DSCR) loans for investors, which utilize only the income from the subject property to qualify, under the following guidelines:
- Property must be located in the State of California.
- Non-owner-occupied investment properties only.
- Income from subject property is only income indicated on loan application.
- DSCR of 1.00 used to qualify (see underwriting guidelines).
- Employer name not indicated on loan application.
- Employment income not indicated on loan application.
- No tax returns.
- No 4506-T.
- Standard DTI ratios are not calculated.
- Borrower may be US citizen, permanent resident, LLC, or Inter Vivos Revocable Trust.
- Foreign nationals not allowed under this loan program.
- First time home buyers allowed.
- Borrower must have at least 6 months’ experience of owning and managing commercial or investment real estate.
- SFR, PUDs, condos, townhouses, and 2-4 units allowed.
- Up to 80% LTV with minimum 680 credit score.
- Up to 70% LTV with minimum 600 credit score.
- $100,000 minimum loan amount.
- $2,500,000 maximum loan amount (see underwriting guidelines).
- Gift funds are allowed for down payment and closing costs.
- Reserves must come from borrower’s own funds.
- Purchase, rate and term, or cash out refinance.
- No limit as to the number of financed properties borrower may own.
- Avail as 5/1, 7/1 or 10/1 ARM, or as 15-year fixed or 30-year fixed rate.
- Interest-only option is available on 5/1 ARM only (see pricing adjustment).
- No prepayment penalty.
LENDERLINE® is your no income no employment DSCR lender of choice. No income verification loans, also known as no income loans or no doc loans, are our specialty.
Questions? To get today’s interest rates or to receive a FREE mortgage consultation, call LENDERLINE® toll-free at 1-888-661-7888, or complete this form to schedule an appointment.