Areas We Serve

Griffin Funding offers DSCR mortgage loans across the entire state of Oklahoma, including the following areas:

  • Broken Arrow
  • Enid
  • Moore
  • Oklahoma City
  • Edmond
  • Lawton
  • Norman
  • Tulsa

What Is a DSCR Loan?

Traditional loans require proof of income, which may not reflect an accurate picture of an investor’s ability to repay because they take tax deductions that lower their net income. As a result, if their net income is too low for a specific loan, they may not qualify, even though they have the cash flow to pay off the loan.

Unlike traditional loans, Oklahoma DSCR mortgages don’t require proof of personal income. Instead, your eligibility depends on your debt service coverage ratio (DSCR), a value that determines your ability to repay the loan. Your DSCR is calculated by dividing your potential rental income by monthly loan payments to determine whether your income can cover your loan payments.

Oklahoma DSCR loans are often easier to qualify for than traditional lending products, giving individuals with any experience in real estate investing the opportunity to purchase property and begin renting it out to turn a profit.

Benefits of a DSCR Mortgage in Oklahoma

There are several benefits of an Oklahoma DSCR mortgage, including the fact they can be used for short-term or long-term investment rental properties, which covers everything from Airbnbs to apartments and condos. Additionally, they have faster closing times due to the less stringent requirements. Instead of looking at your personal income through W2s and pay stubs, Oklahoma DSCR lenders will be most concerned about a borrower’s DSCR to prove they have the ability to repay the loan.

Other benefits of Oklahoma DSCR loans include the following:

  • No limit on number of properties
  • Loan amounts up to $5,000,000
  • Unlimited cash-out
  • As little as 20% down payments
  • Minimum credit score required
  • Interest-only option available

How to Qualify for a DSCR Loan in Oklahoma

To qualify for an Oklahoma DSCR loan program, most lenders require a DSCR of 1.0 or above. However, Griffin Funding only requires a DSCR of 0.75. Keep in mind that the lower your DSCR, the more you’ll likely pay in interest and other fees. Additional requirements include:

  • Credit score: The credit score you need to qualify for a DSCR loan in Oklahoma varies by lender. However, Griffin Funding allows a minimum credit score of 620. The lower your score, the more you’ll pay in interest, so we recommend increasing your credit score before applying for a loan.
  • Loan-to-value (LTV) ratio: LTV ratio affects how much you’ll pay as a down payment. Most lenders require a 25% down payment, but Griffin Funding only requires 20% down on the purchase of the property.
  • Loan purpose: Oklahoma DSCR loans are for investors to purchase or refinance rental and other types of investment properties. They are not meant for purchasing primary or secondary residences you do not plan to rent out for a profit.

Unlike traditional loans like VA loans and FHA loans, you won’t have to use personal income documentation to qualify for a DSCR loan in Oklahoma. However, you will need to provide information about the property, including proof of its potential income, to help lenders determine your DSCR.

Other Non-QM Loans From Griffin Funding

Griffin Funding offers many Non-QM loan options for investors if you don’t qualify for commercial DSCR loans, including:

  • Interest-Only Loans: Interest-only loans allow investors to pay lower monthly payments for the first part of the loan, during which time payments are applied to interest rather than the loan’s principal balance.
  • Foreign National Loans: Foreign national loans (ITIN loans) are designed to help foreign nationals buy investment properties without needing a Social Security number (SSN), green card, or visa. Additionally, borrowers are not required to have a FICO score and can demonstrate creditworthiness in other ways, such as by submitting a credit report.
  • Asset-Based Loans: Asset-based loans (ABLs) are ideal for investors because you can qualify for a loan without requiring proof of income. ABLs allow investors to maintain a high cash flow by using assets as income.
  • 6-Month SOFR Loans: SOFR loans are adjustable rate mortgages (ARMs) with a fixed interest rate for a specified period, allowing you to keep a low interest rate for years. With these loans, rates are adjusted every six months based on the SOFR index, and there’s a cap on the amount your interest rate can increase.

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Apply for a DSCR Loan in Oklahoma

Investing in real estate allows you to generate passive income and grow your wealth. DSCR loans can be a great option for all types of investors, whether this is your first property or you’re a veteran investor.

A DSCR loan for investors can help you get your next real estate project up and running faster than most traditional mortgage loans. With no requirement for personal income or job history verification, we can offer faster closing times and an easy application process. Just share some information with us about your business and the property, and we’ll calculate your DSCR to see if you qualify for a loan. If you qualify, we can lock in your interest rate and begin the rest of the process. If you don’t qualify, we can discuss any other potential loan options for your investment property.

Ready to learn more or apply? Call Griffin Funding at (855) 394-8288 or begin the application process with our online application form.