1st Advantage MortgageA DSCR loan file usually needs government ID, a credit authorization, bank or brokerage statements for the down payment and reserves, a lease or purchase contract, an insurance quote, and entity documents if you buy in an LLC. DSCR programs do not require tax returns, W-2s or pay stubs.
Lists vary by lender and by file. Your officer will send a specific checklist.
About you
- Government photo ID
- Credit authorization so the lender can pull your report
- A real estate owned schedule if you hold other properties
- Proof of funds: recent bank or brokerage statements for the down payment, closing costs and reserves
About the property
- Purchase contract, or the current mortgage statement for a refinance
- The current lease, or an estimate of market rent if the property is vacant
- The most recent property tax bill or estimate
- An insurance quote or policy, including flood where required
- HOA or condo documents and the budget, for condos and townhomes
- For short-term rentals, platform statements or a third-party income projection
If you buy in an LLC
- Articles of organization and operating agreement
- EIN letter
- Certificate of good standing
- Identification for each member and a personal guarantee
What you usually do not need
- Tax returns
- W-2s and pay stubs
- Employment or income verification
Tips to move faster
- Name your closing attorney early, since NC and SC closings run through an attorney.
- Order the insurance quote as soon as you are under contract.
- Keep two months of statements ready, and be ready to explain large deposits.
- Tell your officer about any entity, short-term rental or condo details at the start.
See the full DSCR loan requirements. When you are ready, send us your scenario.
Ready to run your numbers?
Free quote. No credit pull to start. A licensed 1st Advantage Mortgage team member follows up.
Keep reading
- How to Calculate DSCR for a Rental Property (With a Worked Example)
- How to Improve a Low DSCR: 8 Practical Levers for Rental Investors
- Buying a Rental Property in an LLC With a DSCR Loan in NC and SC
- DSCR Cash-Out Refinance in NC and SC: How Investors Pull Equity for the Next Deal
- DSCR Loan Closing Costs and 10 Questions to Ask Before You Lock
General information for investors, not legal, tax or lending advice. Programs and guidelines vary by lender and change. This is not a commitment to lend.
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Get your DSCR loan quote
Tell us about the property. A licensed 1st Advantage Mortgage team member follows up with you. There is no fee to ask and no credit pull to start.
- We compare specialist wholesale lenders instead of fitting you to one lender's menu
- Qualify on the property's rent, with no tax returns, W-2s or pay stubs on any program
- North Carolina and South Carolina investors, including first-time investors and LLC buyers
- Talk to a person: call 704-343-8681
Prefer to apply directly? Start an application with 1st Advantage Mortgage.