DSCR Loans in Illinois
Start or scale your real estate investment portfolio in Illinois with a DSCR loan. DSCR loans in Illinois enable investors to qualify for a mortgage using rental income rather than personal income. No tax returns or employment verification required.
- Obtain financing based on cash flow
- No-income mortgage solution
- Buy or refinance short- and long-term rentals
- Unlimited cash-out
- Competitive DSCR loan rates in Illinois
Outstanding Client Experience
Specialized Lending Solutions
Direct-to-Consumer Advantage
We're Advisors, NOT Salespeople
Effortless Digital Mortgage PlatformTable of Contents
Featured In:
Areas We Serve
Griffin Funding provides DSCR loans to borrowers throughout Illinois, including the following areas:
- The Greater Chicagoland area
- Evanston
- Naperville
- Clarendon Hills
- Aurora
- Joliet
- Springfield
- Peoria
- Waukegan
- South Barrington
- Rockford
- Elgin
- Champaign
- Kenilworth
- Winnetka
- Glencoe
- Bannockburn
- Lake Forest
- Hinsdale
Real Estate Investment Financing in Illinois
Debt service coverage ratio (DSCR) loans allow real estate investors to qualify for a mortgage based on a property’s cash flow rather than personal income. Instead of reviewing tax returns or pay stubs, we prioritize a property’s DSCR — which measures its income versus its debt obligations — to make a lending decision. This offers a flexible mortgage solution for real estate investors looking to build or expand their portfolio.
DSCR loans can be used to purchase or refinance long-term and short-term rental properties, with financing available for many different property types and no limit on the number of properties financed. Access up to $20 million in financing while enjoying a streamlined underwriting process with no income or employment verification.
Visit our DSCR loan page to learn more about this type of financing and see today’s rates. Contact Griffin Funding or get started online to take the first step towards securing a DSCR loan in Illinois.
Frequently Asked Questions
As long as you meet a few minimum requirements for a DSCR loan, the process is fairly straightforward and fast when compared to a conventional mortgage loan – especially when you work with a specialized DSCR lender like Griffin Funding.
Whether you are buying your first rental property or are looking to expand your existing real estate investment portfolio, you can apply today by meeting the following criteria:
- Minimum credit score of 620
- Borrowing between $100,000 and $20,000,000 for an investment property (no owner-occupied homes)
- Minimum 20% down payment
Though Griffin Funding is proud to offer DSCR loans to first-time investors and seasoned real estate veterans alike, there are a few points to keep in mind:
- While the rates for a DSCR mortgage loan in Illinois can be very competitive, they are typically still higher when comparing a DSCR loan vs conventional loan.
- DSCR loans have relatively high down payment requirements compared to conventional mortgages.
- If you are purchasing a high-value property, the down payment may require significant cash reserves.
- Investors with vacant properties or who are buying in a stagnant local rental market may have difficulty in attaining a high enough DSCR to qualify.
Because your potential approval terms depend on many different factors, it pays to do some work prior to applying and give yourself the best chance at a competitive approval. Here are some points to consider when applying for an Illinois DSCR loan:
- Increase your DSCR to at least 1.00-1.25 by boosting revenue or lowering your annual costs.
- Optimize your credit report by disputing derogatory items, paying down revolving debt, and practicing timely repayment habits.
- Get your paperwork in order prior to applying. Rent rolls, operating statements, property tax bills, and insurance declarations will all be helpful.
- Be sure to work with an experienced DSCR lender to make sure you are leveraging all of your strengths to get the best approval possible for your budget and financial needs.