Rick Purkins - Branch Manager

No Income Verification
Designed for the Renovation
Investor
Our DSCR product gives the renovation investor the opportunity to utilize the appraised value of the subject property when the property was acquired < 6 months from application and the property was subsequently renovated. Under the DSCR program, loan qualification is not based on personal income documentation.
The loan is qualified based on DSCR, where the borrower utilizes cash flow from the subject property only.
• 660 Minimum FICO
• Low or no DSCR Ratio
• Max loan amounts up to $2.5 million
• Up to 80% LTV on purchase, rate/term refinances, and cash-out up to 75%
• Borrowing in the name of domestic LLC is allowed including foreign nationals
When the property was acquired < 6 months from application and the property was subsequently renovated,
the appraised value can be used, subject to the below requirements
• Provide original listing photos and/or original appraisal from purchase illustrating property condition
prior to renovation.
• Full appraisal required reflection improvements made since purchase.
• FNMA Collateral Underwriter/FHLMC Loan Collateral Advisor Review with a score of 2.5 or less
(must include a copy of the Submission Summary Report) is required.

Apply at:

Southwest Funding | A Better Way to Mortgage Get a mortgage loan for your home purchase or refinance. We offer a variety of home loan options including FHA loans, conventional loans, VA loans, USDA loans and more.