Foreign Investor loan options

[Dave Tov]

From Canada and looking loan options to purchase STR in Orlando area. I have a house with mortgage in Canada so I am concerned I may not be approved for a second mortgage despite it being a rental. Can anyone give me some advice about loan types in my circumstance? I know DSCR is an option but that comes with higher loan rates and more down payment required (think I am correct in that assumption). Thanks.

[Lyndsay Zwirlein]

Quote from @Dave Tov:

From Canada and looking loan options to purchase STR in Orlando area. I have a house with mortgage in Canada so I am concerned I may not be approved for a second mortgage despite it being a rental. Can anyone give me some advice about loan types in my circumstance? I know DSCR is an option but that comes with higher loan rates and more down payment required (think I am correct in that assumption). Thanks.

It depends on whether you have US credit. With no US credit, there are DSCR options up to 80% LTV. Rates on these loan types are typical ~1% higher than conventional. The nice thing about DSCR given your situation, is it's not underwritten off your debt to income so it won't be an issue that you already have one mortgage.