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Updated about 1 year ago on . Most recent reply
Lending snobbery - DSCR loans
Has anyone experienced a lender treat you differently after reviewing your financials? I am working with this lender who was so friendly and helpful. I was fist trying to qualify for a conventional but since I can't verify some of my income and my tax returns are a bit of a mess, I'm going down the DSCR loan path. But this lenders attitude shifted. He says I wouldn't have any issues with getting a DSCR loan but "good luck finding any deals that pass the 1%." And he supposedly works with investors.
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#3 Private Lending & Conventional Mortgage Advice Contributor
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Quote from @Lisa H.:
Has anyone experienced a lender treat you differently after reviewing your financials? I am working with this lender who was so friendly and helpful. I was fist trying to qualify for a conventional but since I can't verify some of my income and my tax returns are a bit of a mess, I'm going down the DSCR loan path. But this lenders attitude shifted. He says I wouldn't have any issues with getting a DSCR loan but "good luck finding any deals that pass the 1%." And he supposedly works with investors.
The problem with "conventional" loans is that these are really government-subsidized product and they have to follow those rules exactly and have no flexibility to make things work (i.e. glorified rule checkers). That probably explains the frustration more than "snobbery"!