Do you need to have any REO to apply for a DSCR Loan?

[Matteo Girlando]

Hello gents!

I'm starting my journey into investing in real estate. My idea, together with a partner, is to use the DSCR loans to buy different properties in the midwest.
Talking with a lender he told me its not possible to apply for a DSCR if I don’t already own a piece of real estate..is it true? I’m not finding anything about it, I tough the good credit and good rental mortgage ratio was enough.

that is answer: 

Matteo,

I have one last question. I noticed you do not currently have any REO (real estate owned). For a DSCR loan you must own at least one property (primary residence is OK). If you do not own any REO, unfortunately I will not have a lender that will write a DSCR loan. That is a requirement with the DSCR program regardless of the lender.

If this is true I will probably start buying the first one with a normal conventional and using the DSCR after.

Thanks!