DSCR LOANS IN FLORIDA

MORTGAGE-WORLD.com is an online mortgage company specializing in DSCR loans.

DSCR loans in Florida to purchase an investment home or refinance your investment home mortgage. No employment, no tax returns, no W2’s, no 1099’s, no bank statements for income.

We have over 20 years experience in the mortgage industry and we are licensed in New Jersey, Connecticut and Florida.

For a quicker response, call 201-403-8673

DSCR LOANS IN FLORIDA

Purchase or Refinance:

  • No income verification
  • No bank statements
  • No DTI calculated
  • No employment
  • No tax returns
  • No 1099’s
  • No W2’s

Property Type:

  • Single Family
  • 2 Unit
  • 3 Unit
  • 4 Unit
  • Condo
  • PUDs
  • Condotel

Purchase or Refinance:

  • Purchase & rate/term refinance up to 80% LTV
  • Cash-out refinance up to 75% LTV, up to $1M cash-out funds
  • 5/6m ARM, 7/6m ARM, 30 or 40 year fixed
  • Interest only option available

DSCR LOANS IN FLORIDA

What are DSCR Loans in Florida?

If you are looking to purchase or refinance an investment property, but don’t want to use your personal income to qualify? A DSCR loan from Mortgage-World.com may be the solution!

A debt service coverage ratio (DSCR) loan allows you to finance multiple properties by using each property’s monthly rental income to qualify for investment properties.

The debt-service coverage ratio is an indicator of a company’s financial health, especially those who are highly leveraged with debt. Debt service refers to the cash that is needed to pay required principal and interest of a loan.

How Do DSCR Loans in Florida Work?

A DSCR loan is calculated by dividing the net operating income (NOI) of the investment property by the debt obligations. Net operating income is certain operating expenses (COE), not including taxes and interest. Most often, COE is considered equal to earnings before interest and tax (EBIT).

 

Calculating DSCR

DSCR

 

Total debt service refers to the current debt obligations, meaning principal, interest, sinking fund, an lease payments due in the coming year. A balance sheet will include short-term debt and the current portion of long-term debt.

Income taxes may complicate DSCR calculations because interest payments are tax deducible, while principal repayments are not.  A more accurate method of calculating total debt service is the following:

 

Calculating DSCR

DSCR

 

Requirements: 

  • No personal income documents required to qualify. (Qualifying factors are based on the cash flow of the subject property)
  • Debt service coverage ratio
  • Up to 80% maximum loan-to-value (LTV) ratio
  • 30-year fixed or adjustable rate mortgage (ARM)
  • 1-4 family, condos, PUDs, Condotel
  • Minimum loan amount of $75,000 required to apply
  • No prepayment penalty
Apply Now! »
DSCR LOANS IN FLORIDA

Mortgage-World