Mortgage Depot offers flexible loan options for rental property investments and purchases. Our DSCR HELOC products include opportunities to refinance according to the property’s rental income. The DSCR HELOC works similarly to a standard home equity line of credit; however, this mortgage is available for investment properties.
Our lenders assess the rental income from the property to establish eligibility for the mortgage and the total loan amount. This financing option allows for approval for a greater loan amount, and you could use the extra cash for property improvements, expansion, or further real estate investments. The draw period for a DSCR HELOC is between five and ten years.
DSCR refinancing options also help borrowers consolidate debt into one loan, and they can simplify administrative requirements and financial reporting for their venture. Refinancing their mortgage could also lead to lower interest rates, optimized cash flow, and longer repayment periods.
Key Features:
● 1st lien HELOC
● Purchase / Cash-Out options
● Minimum Credit Score: 700
● Loan-to-Value (LTV) / Combined Loan-to-Value (CLTV) up to 75%
● Maximum Loan Amount: $500,000
● Minimum Debt Service Coverage Ratio (DSCR): 1.00
● First-time investors eligible
● 30-years variable terms with 3-year draw period
● No prepayment penalties
● No income documentation required
● Short-term rental income accepted
Mortgage Depot knows how vital funding is to rental property investment opportunities. We can ensure you find the best DSCR HELOC products to refinance your loan and maximize cash flow. Our mortgage experts can provide information on DSCR HELOC options for your rental property, including amortization options, interest rates, and repayment plans.
We can help you realize your dream of optimizing your rental property investment efforts. Our mortgage professionals help you through every step of the application process and update you on your progress. We can also act as a liaison between you and previous lenders and ensure you have everything to maximize your success on your investment journey.