Seeking DSCR Loan Advice

[Brad Kelly]

Hi everyone, I am seeking a DSCR loan on a single-family rental home in Birmingham Alabama. I am new to mortages, loans in general so any advice GREATLY appreciated.  No idea what rates are fair or if I can borrow from a bank or need to do via a private lender. 

Details:

Single Family Home, Birmingham Alabama 

Purchase Price:  $268,000, planned to 30% for down payment 

I also then will have showable funds for 24 months of payments in the bank.

Credit score roughly 790

Property Intended Use: Long Term Rentals, general investment

Turn Downs So Far:  

A major reason I have been turned down so far is I do not currently rent a primary residence. I live in a home my parents own rent-free.

I also had one deal fall apart because I couldn't get the contract extended for a loan but this new seller is flexible.  That loan was 6.6%  which I also thought was high and why I haven't returned there yet although will if it is my best option.