How to purchase an investment property with no income verification | DSCR Explained
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- Опубликовано: 27 сен 2024
- 🏦 Get a DSCR Quote, Apply with Kelvin, or Schedule a Mortgage Consultation at www.ApplyWithK...
Are you a real estate investor looking for a loan that doesn’t rely on your personal income? In today’s video, we’re diving into DSCR Loans - a powerful financing tool that lets your property do the talking! Whether you’re expanding your rental portfolio, purchasing your next investment property, or refinancing for better cash flow, a DSCR loan could be the game-changer you need. We’ll cover how these loans work, the key benefits, and the potential pitfalls every investor should know. Stay tuned to learn how you can leverage DSCR loans to grow your real estate empire!
🏠 Looking to purchase or refinance a home? Get Pre-Qualified for the best mortgage programs in the country while being advised by Kelvin McNeil, Licensed Mortgage Loan Originator NMLS# 2018085 | Equal Housing Lender
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A great HELOC option: 👇🏾
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🏦 Get a DSCR Quote, Apply with Kelvin, or Schedule a Mortgage Consultation at www.ApplyWithKelvin.com
Kelvin McNeil, Your content is fire, let's collab, bro!
@@JetLagRecords thanks
Thank you for the informative video, Kelvin!
@@MsTM-bt2tu you’re welcome. Thanks for watching!
Great video love the editing 💯
@@RachelMcNeil thank you 🥹
This was a great informative video kelvin
@@jarmiazwhitaker5206 thanks for watching!
Excellent video. Question- Is it necessary to season the down-payment funds for a few months? Are you required to document where the down-payment came from?
@@luxurycardstore great question. At most 30 days but most lenders don’t require seasoning. As long as the money’s in your account when we’re in underwriting we’ll be able to clear that condition to close.
@@luxurycardstore thank you! 🙏🏾
Great sauce 👍🏽
Do the down payment need to be in your business checking account or can it be in your high yield savings account?
@@shynethiacanty7638 it needs to be in a checking account with your name on it. Doesn’t matter if it’s a business or personal account. This is to source the wire to the title company.
I been apart of a real estate group for awhile now and they always teaching about the DSCR Loan, so I was waiting until my equity in my home build up and finally last year I pulled some of my equity out to purchase my first deal, thinking My mentor and the company offers the DSCR Loans whose also apart of the same real estate group but they didn't I was told I didn't have enough income and I said, but I thought your company was teaching us we don't need proof of income for this type of loan 🤔 long story short I did not get the help I thought I would after investing all that money for membership all those years. Question if I have my down payment, and the right property, the same low paying job, my credit score is over 700 would I really qualify for a DSCR Loan? or it's possible something else will stop me?
@@nellielee2915 I’m sorry to hear that. The truth is a lot of these real estate investing groups don’t have the proper lending partners in place to ensure their students can fund their own deals.
@@nellielee2915 but as I stated in the video, the only income that matters is the estimated rental income for the property you were looking to purchase. So as long as you have the down payment and your credit scores are high enough to qualify. You can purchase an investment property using a DSCR loan.
@@nellielee2915 Book a mortgage consultation so that I can give you a call and we will discuss your loan scenario. I’ll be honest with you and let you know if we discover anything else that may stop you. otherwise I would love to help you secure your first investment property.
calendly.com/kmcneil10/mortgage-meet-up
@@KelvinMcNeil Thanks for responding, I have to hold off awhile because I was disappointed and used my funds to pay off bills, so now I would to get a HELOC for my down payment. But I will set up an appointment some time soon. 🙏🏾
@@nellielee2915no worries. Interest rates are falling so you’ll be in a good spot when the time comes.