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Updated 5 months ago on . Most recent reply

User Stats

8
Posts
4
Votes
Dilcia Morales
  • Real Estate Agent
  • Boca Ratón, FL
4
Votes |
8
Posts

DSCR Docs Requirement

Dilcia Morales
  • Real Estate Agent
  • Boca Ratón, FL
Posted

Hello Fellow Investors,

I am excited to be under contract for my first STR property, but I am getting nervous about the many things I'm already discovering. I am surprised that my lender is asking me to access Social Security Records and a tax transcript. Since this is a DSCR loan and I already provided account statements with proof of funds and my mortgage statement for the principal residence, I didn't expect much more would be required. I have no issues, but I didn't need to provide so much information, even for a conventional loan. I appreciate any feedback. Thank you.

  • Dilcia Morales
  • Most Popular Reply

    User Stats

    8
    Posts
    4
    Votes
    Dilcia Morales
    • Real Estate Agent
    • Boca Ratón, FL
    4
    Votes |
    8
    Posts
    Dilcia Morales
    • Real Estate Agent
    • Boca Ratón, FL
    Replied

    @Christian W Camposi

    Thank you.

    I understand running the credit, and I have no issues with that. I am just surprised they require more documentation on a DSCR than a standard conventional loan. I might as well go for the traditional loan, I guess. I do not see any difference in the requirements, and I'll probably get a better rate. Let the adventure begin :)

  • Dilcia Morales
  • Loading replies...