DSCR Loans in Ohio

DSCR loans, also known as no-income mortgage loans, are a type of business loan that allow investors to qualify for a loan without income verification through the form of tax returns or pay stubs.

These non-QM mortgages help investors avoid high-interest rates, a lengthy approval process, and stringent lending requirements that can prevent you from obtaining a home loan for your next investment property. With a DSCR loan in Ohio, you qualify for a mortgage loan based on cash flow instead of income.

DSCR lenders in Ohio use an investor’s debt service coverage ratio (DSCR) to determine whether they qualify for the loan. Lenders find a borrower’s DSCR by dividing gross rent by their debts. Unlike traditional loan programs, DSCR loans are designed solely for real estate investors who want to qualify for an investment loan without using tax returns.

Real estate investors may not qualify for another type of loan based on their net income because they deduct expenses on their tax returns. However, a DSCR loan does not take that type of income into account; instead, it focuses on cash flow. As a result, DSCR lenders can easily identify whether or not a borrower can repay the loan, allowing quicker closing times and a streamlined application process.

Griffin Funding makes it simple to apply for an Ohio DSCR loan. Getting approved depends on a borrower’s property income instead of their personal income, requiring us to verify certain information about the property instead of the borrower.

You can apply for a DSCR loan by filling out our online application or giving us a call at (855) 394-8288 to learn more about our mortgage programs or begin the application process.

Requirements for a DSCR Loan in Ohio

Qualifying for a DSCR loan in Ohio can be a quick and easy process, provided you meet a few basic requirements. These requirements will be the same statewide, whether you’re applying for a DSCR loan in Akron or Cincinnati, and will be similar for most other U.S. states, too:

• DSCR: Most lenders will require a DSCR of at least 1.0-1.25, with 1.25 being considered an overall good DSCR. However, Griffin Funding will consider a DSCR less than 0.75. Just keep in mind that the lower your DSCR, the more you will potentially pay in interest or a down payment. so We recommend having a ratio as close to 1.0 as possible. If your DSCR is above 1.0, then you are more likely to be approved with more favorable terms and a lower down payment requirement. Feel free to use our DSCR calculator to estimate your current DSCR.
• Personal credit: Borrowers should have good overall credit and a high FICO score, as well as a realistic plan for renting out the property. A minimum credit score of 620 is required to be considered, however the average approved borrower has a score of 732. If you’re looking to raise your credit score, learn more about Ohio DSCR loans, or begin building an action plan for a loan approval, download the Griffin Gold app today.
• Investment property: A property appraisal will be performed to assess its current market value and anticipated rental income. A lender will also look at the local rental market to make sure there is high enough demand to support the property’s gross rental income.
• Loan amount: DSCR loans in Ohio can provide between $100,000 and $20,000,000 in funding for well-qualified borrowers. A minimum down payment of 20% is required, but that number may be higher depending on the applicant’s DSCR, credit score, and other financial factors.

Griffin Funding offers DSCR loans throughout the entire state of Ohio. Whether you’re looking to get a DSCR loan in Cincinnati, Toledo, or anywhere else in the state, we can assist you. Below are just some of the areas we serve:

DSCR loans are a great option for real estate investors who do not want to qualify for a loan using their income. With these loans, you can invest in short-term and long-term rental properties held in an LLC.

New and seasoned real estate investors can easily use these loans to expand their portfolios and grow their businesses. With quicker closing times, it can take less time for the property to generate income.

Key benefits of DSCR loans in Ohio include the following:

If you do not qualify for a standard DSCR loan in Ohio, or you are wondering about other loans for investors, we offer many non-QM loans, including the following:

• DSCR HELOAN: Tap into the accrued equity of your existing property, using the income it generates to qualify for a DSCR loan. Like with our other non-QM loan offerings, there is no income verification required.
• Bank Statement Loans: With bank statement loans, you can qualify for a mortgage loan with bank statements. Bank statement loans are ideal for individuals who do not have a regular income, including self-employed individuals, business owners, realtors, and entrepreneurs.
• Interest-Only Loans: Interest-only loans allow borrowers to pay only interest for the first ten years of the loan, helping them to save money and pay less at the beginning of the loan.
• Jumbo Loans: With jumbo loans, borrowers can put down as little as 10%, making them an ideal solution for all types of homebuyers who have good credit debt. They are also a good option for high-income earners who want to invest their cash in other investments.
• Asset-Based Loans: Asset-based loans allow borrowers to use their assets to qualify for a loan. With these home loans, the assets are used as income rather than collateral. Borrowers can use any type of investment to secure a loan, including bank accounts, investments, and retirement accounts.
• Recent Credit Event Loans: Recent credit event loans take into account any recent events that have made it challenging for borrowers to secure a home loan based on impacts on their credit scores. Griffin Funding offers loans for individuals with recent credit events ranging from foreclosure to bankruptcy.

Griffin Funding helps real estate investors secure loans to purchase properties and expand their portfolios. DSCR loans can help any type of investor purchase property to generate income without the need to provide personal income documentation. So whether you are investing in your first property or a seasoned investor, our DSCR loans are designed to help you get your next project up and running faster with faster closing times.

Ready to learn more or find out if you qualify for a DSCR loan in Ohio? Contact Griffin Funding today. Even if you don’t qualify, we can help you find another mortgage program based on your unique circumstances. Apply for a loan today.