The broker investors actually call back.

The property qualifies, not you. We calculate Debt Service Coverage Ratio as gross rental income divided by full PITI (principal, interest, taxes, insurance, HOA when applicable). A DSCR of 1.0 means the rent exactly covers the payment; most of our investor files run 1.05 to 1.30. No tax returns required. Loan amounts $150K to $5M. Up to 80% LTV on purchase, 75% LTV on cash-out.

Standard DSCR programs run a 3-year stepdown (3-2-1 or 5-4-3-2-1 depending on lender and pricing). Most files we close opt for the 3-year 3-2-1 stepdown to recoup origination cost while preserving flexibility for a sale or refi. Prepayment buyouts are quotable; expect roughly 25-40 bps to drop the penalty entirely. Quoted at the rate-lock, not later.

Three paths. Bank-statement programs qualify off 12 or 24 months of business or personal statements. 1099-only programs use the gross 1099 figure with a fixed expense ratio. Asset-depletion programs let documented liquid assets stand in for income (typically 5- or 7-year amortization of the asset base). Pick whichever yields the strongest debt-to-income on paper.

On a complete DSCR purchase file with appraisal access and clean title: 21 days is the operating norm. The variance is almost always documentation arrival time and appraisal scheduling, not underwriting. Files that ship pre-approval to clear-to-close in under 14 days do exist (the rare ones with cash reserves, clean credit, and a cooperative seller's timeline). Conventional and VA tend to add 5-10 days for agency overlays.

DSCR: 660 is the floor on most lenders, 700+ unlocks the best pricing. Non-QM bank statement: 660 with 20% down, 620 with 25% down. VA: 580 considered, 620+ for best pricing. FHA: 580 with 3.5% down, 500-579 with 10% down. Conventional: 620 minimum, 740+ for top tier. If you're below threshold, we'll be honest about whether to apply now or improve and come back.

0% down, no PMI, no monthly mortgage insurance, no down payment requirement up to the conforming limit (and beyond with a jumbo VA structure). Funding fee waived entirely if you have a service-connected disability rating. Rates typically 25-50 bps below conventional. The Certificate of Eligibility is the first thing we pull; don't wait to figure it out.

For a DSCR file: signed application, two months' bank statements, photo ID, signed rent roll or lease for tenant-occupied, MLS sheet, and your real estate experience addendum. For W-2 borrowers (conventional, FHA, VA): two years tax returns, 30 days pay stubs, two months bank statements, ID, two years W-2s. Self-employed and bank-statement borrowers: 12-24 months business and personal statements in place of returns. The full checklist is generated when your file opens.