Borrowing the money needed to complete the purchase of a new investment property or to refinance an existing mortgage can be a challenge for real estate investors, but that is where MortgageDepot can be of help. We offer financing options designed to satisfy the unique needs of investors, including no income options with low minimum debt-service coverage ratios.
Borrowers use cash flow from the property to qualify for financing
The traditional process to obtain financing to purchase or refinance real property usually asks borrowers to prove they have sufficient personal income to repay the debt. Furnishing income tax returns, pay stubs and W-2s may not be a problem for borrowers who work for an employer and draw a weekly salary, but investors and other borrowers who are self-employed may be unable to satisfy underwriting conditions.
Traditional underwriting methods fail to give proper weight in the loan-approval process to the income generated by the investment property. MortgageDepot works with lenders offering loan programs tailored to overcome the challenges faced by investors, including basing underwriting decisions on the cash flow generated by the property instead of on the personal income of the borrower.
Highlights of the MortgageDepot no-income program for investors
Instead of time-consuming underwriting requirements asking for documents that investors may not be able to produce, MortgageDepot streamlines the approval process. Highlights of our no-income loan program for real estate investors include the following:
- No tax returns or wage statements required
- No debt-to-income or global debt calculations
- No statement of employment or personal income requirement
- No limit on cash-out funds from refinances
- Refinance loan-to-value ratio up to 60%
- Purchases with LTVs up to 70%
Using the cash flow generated by the property being purchased or refinanced and a DSCR that can be as low as 1.00 makes it easier for investors to qualify for our no-income loan program.
Investors rely on us
MortgageDepot has a loan program to meet the needs of all types of borrowers. Call us today at (800) 220-LOAN to learn more.
Contact one of our loan consultants to for more information.