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DSCR

A typical Non-QM Debt Service Coverage Ratio (DSCR) loan allows a borrower to qualify for a mortgage based on cash flow generated from an investment property – through a rental, for example – as opposed to their personal income. A calculation generates a debt-to-income ratio and the higher the ratio, the better.

However, A&D Mortgage recognizes that not every borrower will qualify for a traditional debt-to-income loan. We know that ownership of an investment property is more than just a ratio. That is why we have introduced our A&D Mortgage’s DSCR loan, which allows a ratio as low as zero.

Program highlights:

  • FICO 599
  • Up to 80% LTV
  • Loan amounts up to $3 million
  • Max cash in hand $1 million, no limit for LTV <55%
  • 40-& 30-year fixed, 5/1 ARM, and 7/1ARM terms
  • No income or employment verification
  • DSCR as low as 0
  • Cash-out proceeds may be used for reserves
  • Eligible for Non-Permanent Residents and Foreign Nationals
  • DSCR is available under Foreign National Program
  • Ownership of any property within the past 24 months
  • Condotels allowed

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Non Permanent Resident

- FICO 660
- Up to 90% LTV
- Bank statements allowed

Asset Utilization

- FICO 580
- 80% LTV
- Cash-out up to 75% LTV
- Savings and checking 100%
- Securities at 90%
- Retirement at 70%
- Cash out available
- Income calculation - all eligible assets divided by 60
- Super Prime & Prime programs

Freddie Mac Refi Possible

- Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5,000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements

Fannie Mae Refi Now

- Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements