Rental income can look strong on paper, but the number a DSCR lender uses may be different from the rent you expect to collect. For a DSCR loan, we generally calculate qualifying rental income by dividing the property’s eligible monthly…
Buying a rental property can get frustrating when the property is vacant, newly built, or has no lease history for an underwriter to review. Yes, a property with no rental history can often qualify for a DSCR loan when the…
By David W. Xie, Senior Mortgage Broker Recent late payments, a bankruptcy, a foreclosure, or a credit score drop can make mortgage options feel limited. FHA loans are often the better fit when a borrower meets federal waiting periods and…
Running a business can produce strong income, but tax returns don’t always show the full cash flow available for a mortgage. Yes, self-employed borrowers may qualify for a mortgage using business bank statements when the loan program calculates income from…
Buying a rental property in Hampton Roads can work on paper, but the down payment can change the deal before underwriting starts. DSCR loan down payments commonly start around 15% to 20%, while 20% to 25% is more typical when…
Irregular monthly deposits can make mortgage qualification feel uncertain, especially when your business income changes from one month to the next. Yes, you may qualify for a bank statement mortgage with irregular deposits if your statements show sufficient, documentable cash…
A vacant rental property can create a financing problem because there’s no current rent deposit or active tenant payment to document. For a vacant property, DSCR lenders typically calculate rental income using the appraiser’s market rent estimate, then apply the…
A recent bankruptcy can make home financing feel out of reach, especially when a traditional lender says you must wait. Yes, some borrowers can get a non-QM mortgage after a recent bankruptcy, but eligibility depends on the bankruptcy status, time…
Applying for a Non-QM mortgage can feel uncertain when your income, credit, or property doesn’t fit a traditional lending box. A Non-QM mortgage application typically requires identity, income, asset, credit, and property documents, but the exact documentation depends on how…
A lower credit score can make buying a home feel out of reach, especially after a lender has already said no. An FHA loan is a government-insured mortgage that allows eligible buyers to qualify with more flexible credit and down…