DSCR Program is short for Debt Service Coverage Ratio, which determines the maximum loan payment based on a property's income, thereby also determining the maximum loan amount.
No borrower employment or income to be included on the application.
Property's income is rental income based on the lower of the income from lease agreement or provided by the rent survey (Form 1007).
Loan payment is the PITIA of the property:
P - principal; I - interest; T - tax; I - insurance; A - HOA fee
The debt service coverage ratio is calculated by taking the property’s income divided by the loan payment (PITIA).
Loan could be qualified with no ratio, which means that what ever the property's income is, even though 1, loan could also be qualified. So do not worry about the lower property’s income.
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