How to get a loan without steady income

Little known hack for How to invest in real estate when you don’t have a steady income like most banks want.

Banks that give conventional loans don’t like you when you don’t have steady income. divorced, job changes, self employed are common victims of this.

One way to get around this obstacle in real estate is the DSCR debt service coverage ratio loan.

It’s a loan where the lender cares more about how much money the property will make, and whether that can satisfy the mortgage payment.

This means you don’t show W2’s, tax returns or bank statements. Hell yeah.

and these loans can close faster.

There is still a requirement for a decent credit score, 640ish

you will still need a downpayment. I’ve seen up to 30% if you are new to investing, and maybe 20% if you have some experience with rentals.

You’ll pay more in interest and maybe points, which is pre paid interest upfront.

Ask a couple different banks about DSCR loans and see what they say.

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