Areas We Serve
At Griffin Funding, we can provide you with a DSCR business loan regardless of where you are located in the state. We offer New Hampshire mortgage loans in a variety of areas, including:
If you are curious about whether we can provide you with a DSCR loan, reach out to our New Hampshire mortgage lenders today.
What Is a DSCR Loan?
New Hampshire DSCR loans allow you to forgo the traditional mortgage application process. When you apply for a mortgage, you typically have to provide proof of employment, proof of income, and numerous other documents. It can make it very difficult for someone to qualify for a traditional mortgage, particularly if they do not have a stable job.
If you are in the real estate sector, you probably claim a wide variety of deductions. Even though these deductions can help you save money on your taxes, they can also artificially lower your income. As a result, you might have a difficult time qualifying for the loan you need.
Instead of using your traditional income, you can rely on New Hampshire DSCR loans from Griffin Funding, which qualify you for a loan based on your debt service coverage ratio. Our team can help you shorten the loan application process, provide you with more options, and make sure you get to the closing table as quickly as possible.
How Do DSCR Loans Work in New Hampshire?
If you decide to go with a DSCR loan, we will determine your eligibility by calculating your debt service coverage ratio. To calculate DSCR, we take your annual gross rental income and divide it by your debts. The DSCR allows a lender to quickly evaluate the cash flow of a potential borrower.
There are different ways we can calculate your annual rental income. We may take a look at the statement provided by the appraiser, or we could look at your rental history for the past 12 months. We want to put you in the best position possible to qualify for your loan, and we will walk you through the process.
Then we have to calculate your annual debt. Some of the items that we will include in this calculation include HOA fees, real estate taxes, home insurance, your principal loan amount, and any interest you pay on your mortgage.
Who Can Get a DSCR Loan?
Of course, anyone is welcome to reach out to us to inquire about a DSCR loan, but this type of loan is typically reserved for real estate investors. That is because these professionals are typically heavily involved in the real estate sector and generate profits from one or more investment properties.
Also, with an artificially deflated annual income, real estate investors might have a hard time qualifying for a home loan. This is where a DSCR loan in New Hampshire can prove useful.
There are certain requirements you must meet in order to qualify for a DSCR loan in New Hampshire. In general, you must have a DSCR of at least 0.75 or higher to qualify for the mortgage. We also have a minimum credit score that you have to meet, and we typically require applicants to put down at least 20%. If you believe you can meet these terms, then you should reach out to us about a DSCR loan.
Other Non-QM Loans From Griffin Funding
We have worked hard to expand the loan options we have available, and we have plenty of Non-QM loans from which you can choose. Some of the Non-QM loan options we currently offer include:
- Bank statement loans: With a bank statement loan, you can qualify for a loan using your bank statements. If you want to get to the closing table as quickly as possible, this might be the best option.
- Asset-based loans: If you want to qualify for a loan using no income at all, we would be happy to talk to you about an asset-based loan. With this loan type, you can skip the income verification process by using assets to secure the loan.
- Interest-only loans: We also offer loans where you only pay off the interest for a certain period of time. We can talk with you about specific situations where this option might be helpful.
- Jumbo loans: If you believe that you might need some extra money to purchase your property, then you should reach out to us about our non-conforming loans. A jumbo loan could be beneficial for you.
We have plenty of options available, and the right loan option for one person might not necessarily be the right loan option for somebody else. We can compare the features and benefits of each option, helping you make the right choice for your next real estate loan. Rely on the qualified specialists at Griffin Funding to help you find the right mortgage option to meet your needs.
Apply for a DSCR Loan in New Hampshire
If you want to work with the best New Hampshire mortgage lenders, look no further than Griffin Funding. It would be our pleasure to provide you with the best New Hampshire mortgage loans to meet your needs. We have a variety of options available, and we will make sure you can finance your dream home. If you would like to learn more about how we can help you, contact us today to speak with our team. Get a quote and see how much money you can save by working with our team!