Investing in real estate can be your pathway to the American Dream, but conventional financing options can be prohibitive for self-made people with unconventional streams of income. Ironically, these individuals are often the epitome of what this dream represents. But we understand there is more than one path to reach this goal. Fortunately, financing options are still available, like DSCR loans and bank statement jumbo loans.
In conjunction with the cutting-edge short-term rental intelligence powered by STR Verifi, a short-term rental calculator that empowers you to access key metrics about any property or market to qualify for financing, obtaining financing has never been easier or faster.
“These loans are, in many ways, an equalizer. Both of these mortgage programs are great options for people who are interested in building generational wealth and achieving the financial freedom and independence the American Dream is built on. Still, picking the right one depends on your needs, goals, and circumstances. At mbanc, our passion is helping borrowers find the perfect program for their financial situation and goals.” – Desh Weragoda, mbanc CTO
What are Non-QM DSCR Loans?
A non-qm DSCR mortgage is ideal for purchasing a rental investment property and caters specifically to investors.
With DSCR loans, you qualify using projected rental income and must provide proof of cash flow from prospective long-term and short-term rentals. The revenue from the property you are purchasing will cover the monthly mortgage payment.
In other words, with this type of mortgage, the investment property literally pays for itself, which is the beauty of this financing option. DSCR lenders like mbanc offer negative debt service loans on a case-by-case basis.
- Loan amounts up to $3 million, 70% LTV
- Unlimited Cash-Out Refinance options
- No W2, tax returns, or pay stubs required
- 40-year fixed and 30-year interest-only options
- The ability to qualify using projected rental income cash flow
- Financing for single-family homes, condominiums, 2-4 and 5-8 unit homes
- 12 months of projected income
- An occupancy rate of 65%+
- 6 comparison properties within 2 miles of the property and similar in size, room count, amenities, availability, and occupancy
- An overview report of the property
- A market grade by zip code of “B” or higher
Still, calculating and making these projections to qualify for financing is difficult without considerable expertise and experience. Fortunately, STR Verifi levels the playing field.
Using the short-term rental data analysis powered by this software, you can access this information instantly for any property in the United States to qualify for financing in a streamlined process and put any market at your mercy.
What are Bank Statement Jumbo Loans?
You don’t need us to tell you – conventional lenders have lending requirements that are prohibitive for people with an unconventional income, like self-employed business owners.
But, at mbanc, we celebrate people with untraditional incomes who have succeeded on their terms. We understand those with unconventional income may not be able to provide “traditional” income documentation, like tax returns or W-2 forms.
This is the beauty of bank statement jumbo loans. With these mortgages, borrowers can qualify using 12-months or 24-months of bank deposits. This mortgage program is ideal for self-employed borrowers whose tax returns don’t reflect their true income.
At mbanc, we have a unique understanding of how self-employed borrower businesses operate. To accommodate your circumstances, we take a granular financial qualification approach. Highlights of our bank statement jumbo mortgage program include:
- Loan amounts up to $4 million
- Unlimited cash-out refinance options
- No W2, tax return, or pay stub requirements
- 40-year fixed or 30-year interest-only options
- 24- or 12 months of personal or 2 months of business bank statements
- A minimum 660 FICO score requirement
Self-Employed Mortgage Solutions for Real Estate Investing
Investing in real estate could help lay the foundation of true financial freedom. But conventional lenders have prohibitive requirements that make it inaccessible to those with an unconventional income. At mbanc, we understand that self-made people like you have succeeded on their own terms for years, and we celebrate you as the embodiment of the oft-vaunted American Dream. We offer two great financing options for you to consider: DSCR mortgages and jumbo loans.
To learn more about how our DSCR loans and bank statement jumbo mortgage programs can finance the start of your short-term rental investing journey with a fast and easy approval process, apply for financing today.