Miami’s investment property market has always attracted a specific kind of investor — the kind who looks at a Doral rental generating $3,200/month and makes the decision based on that number, not on what their tax return says about their business income. DSCR is the loan product built for exactly this calculation. No personal income review. No tax return. No W-2. If the rent covers the mortgage, the property qualifies.
The nuance in Miami is that the market splits hard along geographic lines. Doral and Hialeah SFRs can hit 1.00+ DSCR at current prices. Brickell condos rarely do — and the investor who buys in Brickell is making an appreciation bet, not a cash flow bet. Both strategies have DSCR program paths. Knowing which one applies before you structure the offer is the difference between clean execution and discovering the deal doesn’t work after you’ve spent money on an inspection.
Miami Investment Property? Let’s Calculate Your DSCR.
No income docs · No tax returns · FL #MLD1287
Mbanc NMLS #38232 | Florida Mortgage Lender License #MLD1287 | Equal Housing Opportunity Lender
Miami DSCR Program Requirements
Minimum credit score: 640.
Credit score and LTV access:
– DSCR ≥ 1.25, 640+ credit: 80% max LTV, best available terms
– DSCR ≥ 1.00, 660+ credit: 80% max LTV, standard program
– DSCR ≥ 1.00, 640–659 credit: 75% max LTV
– DSCR 0.75–0.99, 700+ credit: 70% max LTV, no-ratio program, 12 months reserves
– DSCR below 0.75: contact loan officer for available options
Maximum loan amount: $4,000,000. Minimum: $150,000.
Down payment: 20% at standard (80% LTV). 25–30% at no-ratio (70–75% LTV).
Terms: 30-year fixed, 40-year fixed, ARM, interest-only available (660+ credit).
No personal income documentation. No W-2. No tax returns.
Closing timeline: 21–30 days standard. Condos add 5–7 days for project review.
Miami-Dade Rental Market — DSCR by Submarket
Doral / Hialeah / Westchester — The Standard DSCR Corridor
Doral is where Miami DSCR math works most reliably, and the reason is structural: the Latin American business community has created extraordinary and persistent renter demand in this submarket. Venezuelan, Colombian, Brazilian, and Ecuadorian business owners have immigrated, built US operations, and created an ecosystem of employees, partners, and contractors who rent workforce housing in a tight corridor from Doral west to Hialeah south to Westchester. Purchase prices run $380,000–$600,000 for SFRs and townhomes. Market rents run $2,800–$3,600/month. At 80% LTV on a $480,000 purchase, PITIA runs approximately $3,100/month — and at $3,300/month rent, DSCR is 1.06. Standard program.
Hialeah, immediately east, produces slightly lower price points and similar rents — sometimes stronger DSCR ratios. The investor who understands the workforce housing dynamics driving this submarket has a repeatable acquisition playbook that doesn’t require betting on appreciation in markets where everyone else is already looking.
Kendall / Cutler Bay / Homestead — Cash Flow Territory
South on US-1 from Doral, the rent-to-price ratio continues to improve. Kendall SFRs at $300,000–$500,000 generate $2,200–$3,200/month. Homestead, where purchase prices dip to $250,000–$380,000, produces some of the strongest DSCR ratios in Miami-Dade — 1.15–1.30 on well-selected properties. The trade-off is appreciation trajectory relative to the core market, but for investors targeting actual monthly cash flow, the southern corridor is where Miami delivers.
Miami Beach / Brickell / Edgewater — The Appreciation Markets
Standard DSCR is uncommon here. A Brickell condo at $700,000 with $4,200/month rent against a $5,600/month PITIA (including HOA) produces a 0.75 DSCR. An Edgewater 2/2 at $580,000 with $3,400/month rent produces a 0.85 DSCR. These are no-ratio DSCR acquisitions: 70% max LTV, 700+ credit, 12 months reserves. The investor making this bet is not making a mistake — they’re making a different bet on Miami’s continued financial district and coastal market appreciation. The DSCR loan enables the acquisition without personal income documentation, even at sub-1.00 DSCR.
Critical note on Miami Beach condos: HOA fees in this submarket run $600–$1,500/month. Every dollar of HOA fee appears in PITIA and reduces DSCR. Always calculate PITIA with the actual HOA before analyzing a Miami Beach or Brickell condo acquisition — it is consistently the variable that turns a 1.05 DSCR calculation into a 0.82 DSCR reality.
Little Havana / Allapattah / Liberty City — Value and Yield
$200,000–$380,000 purchase prices. $1,600–$2,500/month rents. DSCR 1.05–1.30 achievable on appropriately priced acquisitions. Miami’s service economy workforce creates persistent renter demand in these markets. 2-4 unit buildings in Little Havana — particularly the two-flats that are common in this area — can produce combined rents that strengthen DSCR to 1.15–1.35. Not every Miami DSCR investor is buying in Brickell.
Two Real Miami DSCR Deals — The Full Math
Deal 1: Standard Program Attempt, No-Ratio Outcome — Doral SFR
A Colombian import-export business owner based in Doral. Annual LLC deposits: $1,800,000. Tax return net income: $210,000. Has failed conventional investment property qualification twice — each time the underwriter used the $210,000 rather than the $1,800,000 in actual cash flow.
Property: 3BR/2BA SFR in Doral. Purchase: $510,000.
Current signed lease: $3,300/month, 10 months remaining.
Appraiser market rent: $3,450/month.
Qualifying rent (lower): $3,300/month.
Loan at 80% LTV: $408,000. P&I at current rate, 30-year: $2,870/month.
Miami-Dade property taxes (approximately 1.5% effective rate): $638/month.
Insurance (Florida wind/flood exposure — actual quote): $235/month.
HOA: $0 (SFR).
Total PITIA: $3,743/month.
DSCR: $3,300 ÷ $3,743 = 0.88. Below 1.00 — no-ratio territory.
At 75% LTV ($382,500 loan): PITIA = $3,568/month. DSCR: $3,300 ÷ $3,568 = 0.92. Still no-ratio.
Investor accepted no-ratio program at 70% LTV: $357,000 loan. P&I: $2,510/month. PITIA: $3,383/month. DSCR: $3,300 ÷ $3,383 = 0.98. 700+ credit confirmed (736 score). 12 months reserves ($3,383 × 12 = $40,596 post-close). No-ratio approved.
No personal income documentation submitted. No LLC financials. No tax return. The property qualified — at 0.98 DSCR under no-ratio — on its own rent.
When the current lease expires: projected market re-lease at $3,500/month. New DSCR at same loan: $3,500 ÷ $3,383 = 1.03. Standard program territory at renewal. The deal gets better with time.
Deal 2: STR No-Ratio — Miami Short-Term Rental
An Airbnb operator who manages 4 units in Doral and is adding a 5th — a 3BR/2.5BA in a Doral neighborhood where STR is permitted. No personal income documentation is practical for her: she manages through an LLC, runs separate accounts for each property, and has no interest in explaining her business structure to a conventional underwriter.
Property: 3BR/2.5BA townhome in a Doral community with HOA that permits STR.
Purchase: $475,000.
Appraiser STR market income analysis (based on 6 comparable STR properties in Doral with similar bedroom count): $4,800/month.
Loan at 75% LTV (STR property): $356,250. P&I: $2,505/month. Property taxes: $594/month. Insurance: $215/month. HOA: $280/month. Total PITIA: $3,594/month.
DSCR: $4,800 ÷ $3,594 = 1.34. STR program. 75% LTV. No income documentation. Closed in 28 days.
Note: The $4,800/month market income figure is not her actual prior revenue — it’s the appraiser’s determination of what the market yields for comparable properties. Her actual revenue has been higher. The conservative market analysis is still producing a strong DSCR.
Condo DSCR in Miami — The Project Review Reality
Miami has more condo project review complexity than almost any US market. Three factors:
First: Florida’s 2022 condo safety legislation (following Surfside) requires buildings older than 30 years to complete milestone inspections and fund reserves to meet new structural integrity standards. Many older buildings are in the process of assessing and funding these requirements — and during that period, some are temporarily ineligible for financing programs that require adequate reserve funding.
Second: Many Miami condo buildings have high investor concentration (more than 50% non-owner-occupied). Some programs require owner-occupancy minimums that these buildings don’t meet.
Third: Condotel structures — where the HOA operates a hotel rental pool — are distinct from standard residential condos and have separate program parameters (typically 65–70% max LTV).
Before going under contract on any Miami condo investment, have the project review run. It takes 24–48 hours and tells you whether the specific building is eligible for DSCR financing. This protects you from being under contract and in appraisal before discovering the project doesn’t qualify.
Frequently Asked Questions
What credit score do I need for a Miami DSCR loan?
Minimum 640. 80% LTV access at 660+. No-ratio program (for DSCR below 1.00) requires 700+. Best pricing at 720+.
Do I need income documentation for a Miami DSCR loan?
No. No W-2, no tax return, no bank statements for income purposes. The property’s rental income is the only income factor in the qualification.
Why is my Miami DSCR calculation coming out below 1.00?
Two most common causes: (1) HOA fees in the PITIA that weren’t initially accounted for — particularly on condo properties. (2) Florida property insurance costs that are higher than estimates from other markets. Pull the actual HOA amount and get a real insurance quote before finalizing your DSCR analysis. If the deal is still below 1.00, the no-ratio program is still available at 70% LTV with 700+ credit.
Can I use a DSCR loan for a Miami Beach property?
Yes, though most Miami Beach investment properties fall into no-ratio territory at current prices. The no-ratio program requires 700+ credit and 30% down (70% LTV). Confirm HOA amount and full PITIA before making an offer on Miami Beach.
Is DSCR or bank statement better for my Miami investment property?
If the property produces 1.00+ DSCR, DSCR is typically cleaner — nothing personal goes in the file. If DSCR is below 1.00 and personal income is strong, bank statement investment property can provide an alternative qualification path. Mbanc runs both scenarios on request.
How long does a Miami DSCR loan take to close?
21–30 days standard. Condos: 26–35 days due to project review. STR properties: 28–35 days depending on specialized income analysis.
Go Deeper
About the Author
Mayer Dallal is the Managing Director of Mbanc (Mortgage Bank of California, NMLS #38232), a consumer-direct Non-QM lender specializing in DSCR loans and investment property financing throughout Florida. [Full profile → mbanc.com/blog/author/mayer-dallal/]
Miami Investment Property? Run Your DSCR Before Your Next Offer.
No income docs · No tax returns · FL #MLD1287 · Standard or No-Ratio programs available
Mbanc NMLS #38232 | Florida Mortgage Lender License #MLD1287 | Equal Housing Opportunity Lender
For informational purposes only. Not a commitment to lend. DSCR calculations are estimates — final DSCR is determined by appraisal. Not all properties qualify.
FL Mortgage Lender License #MLD1287 | NMLS #38232 | Equal Housing Opportunity Lender
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