DSCR Loan Oklahoma

What areas in Oklahoma do you serve?

We work with all properties in Oklahoma that have a non-rural designation. Use this rural designation search tool to see if your property is considered rural.

What areas in Oklahoma look promising right now?

Oklahoma's economy is steadily growing, fueled by a mix of energy production, agriculture, and a growing service sector. The population is projected to experience moderate growth, with an influx of young professionals and retirees seeking a lower cost of living and a strong sense of community.

1. Oklahoma City Metro:

The Oklahoma City Metro area is experiencing steady population growth, with an estimated 20,000 new residents expected in the next 5 years. The region boasts a diverse economy with major employers in energy (Devon Energy, Chesapeake Energy), healthcare (SSM Health), and government (Tinker Air Force Base).

• 73104 (Downtown Oklahoma City): Revitalized downtown area with a growing entertainment district and job opportunities. Major employers include Devon Energy, Chesapeake Energy, and various companies in the energy sector. Rents could potentially increase by 3-5% annually as demand rises from young professionals. Easy access to major routes like I-35, I-40 and I-44.
• 73113 (Nichols Hills): Established neighborhood with excellent schools and proximity to major employers like Integris Health. Rents could potentially increase by 2-4% annually due to limited availability and steady demand from families.
• 73160 (West Edmond): Developments like The District at Oklahoma City attract residents with a mix of shops, restaurants, and entertainment options. Major employers in the area include OU Medical Center and aerospace companies. Rents could potentially increase by 4-6% annually due to a growing population and limited housing options.

2. Tulsa Metro:

The Tulsa Metro area is experiencing moderate population growth, with an estimated 10,000 new residents expected in the next 5 years. The region's major economic drivers include the energy sector (Tulsa is nicknamed "Oil Capital of the World"), aerospace (American Airlines, Spirit AeroSystems), and healthcare (Saint Francis Health System).

• 74133 (Downtown Tulsa): Undergoing revitalization with new developments like Tulsa Arts District attracting residents. Major employers include Williams Companies, ONEOK, and various energy companies. Rents could potentially increase by 2-4% annually as demand rises. Easy access to highways like I-244 and US-75.
• 74107 (Brookside): Popular neighborhood with a vibrant nightlife scene and close proximity to University of Tulsa. Major employers include the University and St. John Medical Center. Rents could potentially increase by 3-5% annually due to a mix of students and young professionals.
• 74013 (Broken Arrow): Suburban area with a growing population and excellent schools. Major employers include public school districts and some manufacturing facilities. Rents could potentially increase by 2-4% annually due to steady demand from families.

3. Norman (University of Oklahoma):

   
   

Norman is experiencing moderate population growth, driven by the University of Oklahoma and its student population (around 25,000 students). The University is a major employer, and the city also has a growing healthcare sector (Norman Regional Health System).

• 73069 (Campus Corner): High demand for rentals due to proximity to the University of Oklahoma. Rents could potentially remain stable or increase slightly by 1-2% annually due to student housing fluctuations.
• 73072 (Neu Quellen): Established neighborhood with good schools and proximity to the university. Major employers include the University and Norman Regional Health System. Rents could potentially increase by 2-4% annually due to a mix of students and families.
• 73026 (Moore): Suburban area with a growing population and family-friendly atmosphere. Rents could potentially increase by 2-4% annually due to steady demand from families.

How Do DSCR Loans Work in Oklahoma?

The overall process of getting a DSCR Loan in Oklahoma is approximately as follows. You submit an application for a loan (you can get started on your loan with an instant quote) answering 14 questions about your property. An instant quote will tell you if you qualify for the loan in under 1 minute of your time. It will also show you the a preliminary interest rate and loan amount. Once you select desired LTV (which can be changed later), your quote will be converted to a Loan File for processing purposes.

You will have to submit documents as part of your Loan File for underwriting. Documents we may ask for will include personal and property documents such as purchase contracts, current leases, borrowing entity documents, deeds, title work (we will engage a title company or an attorney on your behalf to draw up these documents), background and credit reports (that we will order), bank statements for liquidity verification as well as other documents that may be applicable to your specific deal. Full list of requirements can be found here in DSCR loan requirements.

We will also handle all the aspects of scheduling and appraisal for you. Please note that we have a promotion, where new clients receive a 100% refund at closing for their appraisal and existing clients forever get a 50% refund for their appraisal at closing as our way to say thank you for allowing us to partner with you! Once all the loan documents are submitted, the Loan File goes through underwriting, at which point the underwriting committee may ask for additional documents depending on their discretion. Once the committee receives all the documents and approves the file, closing can be scheduled.

The closing, will be handled by the title company or at the office of closing attorney. Once closing is complete, funds will be wired. Post closing, the loan will be entered into servicing and you will receive information regarding setting up auto-pay or other options that may be available for your loan depending on the specific servicer's capabilities.

Can you lend on properties worth less then $100k?

In short, no, appraisal as is value must come in at above 100k. We can only lend on properties that are less then $100k if they are in a portfolio with other properties and the portfolio's total as-is value on the appraisal is above $250k. In order to qualify for our loans, the property must appraise for at least $100k as-is at the time of the appraisal, however, total loan amount may be less then 100k, minimum loan amount is $55k.

Do you do cash out refi no seasoning for Oklahoma loans?

We do offer refinance options with no seasoning requirements. Here is the general criteria for cash out refi no seasoning for Oklahoma loans. Easiest way to see if you qualify is to answer a few question in our online quoter. It will compare all of our lending criteria against your answers and give you a response in under 1 minute without you needing to read anything. If in case you want to do it the hard way, please read on to see some of the guidelines below with a full list of our requirements here.

Minimum loan amount has to be above $55,000. Minimum As-Is value on the appraisal has to be $100,000. Between 1-4 units. Must have an active lease with proof of security deposit collected. Property condition must be C4 or better. Minimum credit score of 680. Credit score between 680 to 699, gets maximum LTV of 70%, credit score of 700+ gets maximum LTV of 75%. Max LTC, 100% (less than 90 days seasoning), 140% (90 to 179 days seasoning). Minimum verified rehab, 20% of purchase price (less than 90 days seasoning), n/a (90+ days seasoning). Minimum verified rehab, is an improvement that has been done to the unit to verify increase in as-is value in such as short period of time (less then 90 days) to justify the no seasoning period. Origination fee of 1 to 2 points depending on the loan amount to keep the lights on. Lender fee, $1,995 (doesn't go to OfferMarket), includes multiple fees to several different 3rd party verification services, necessary to certify the information in the Loan File for closing. Appraisal at AMC market price, we also have a promotion that new clients get 100% of their appraisal refunded at closing and 50% refund for existing clients. Time to close, 20-25 days.

I know this is a lot of information. You don't have to lift a finger to calculate any of this to see if you qualify, all you have to do is answer 14 simple questions about your deal and we will tell you if we are a good fit for you and what kind of deal we can offer you. To get an answer on your specific situation, please answer 14 simple questions here in our online quoter for Oklahoma DSCR loans.

Do I need to have my property insured to qualify for funding?

Yes, but if you don't already have insurance, we can roll it into the lending process with no extra charge or effort to you. Our insurance team works with thousands of carriers and is intimately familiar with the insurance requirements of your loan. They will be able to ether talk to the agent of your choice or find the most competitive offer without our network of carriers to complement your loan with no extra effort or expense to you. If you already have insurance, you should get an instant quote to see if we can offer you a more competitive rate and save you thousands of dollars over the lifetime of your policy. Get you instant insurance quote here.

What are the best DSCR Lender Oklahoma?

There are many DSCR lenders in Oklahoma and you have many options to get your loan funded. As fellow rental property investors, we built OfferMarket to be a low cost DSCR lender. We believe you should never have to wonder if you're getting the best possible terms from your lender. You should never need to waste time negotiating. That's why we provide you with our best possible term sheet every single time -- you get our lowest rate and lowest fees.

Your first loan with OfferMarket is the start of a long term relationship. It's our opportunity to provide you with remarkable value and prove that we deserve to be your partner on your real estate investing journey. We feel a sense of obligation to prove we deserve your business on each and every loan.

Are you able to lend on rural properties?

We can't lend on rural properties. How can I find out, if my property is rural? Here are more detail on how to verify if your property is rural in our Rural Designation Search Tools. The 2 search tools are hosted by USDA Rural Development Property Eligibility and CFPB Rural and Underserved Areas Checker. Both of the tools must flag the property as none rural for it to be eligible for our funding. Use these instruction to find out if your property is considered rural

What are the requirements for a DSCR loan in Oklahoma?

If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Oklahoma. If you want a more detailed quote for your specific deal, click "start" next to "apply for a DSCR loan" and our online quoting system will produce an accurate quote based on 14 questions related to your deal. Most investors are able to get a complete quote in under a minute because those 14 questions most investors will know answers to. Our most detailed DSCR Loan Requirements can be found here. Once you complete an online quote, you can proceed to your Loan File, where you can peruse the Loan Terms which will detail all the fees and proceeds of the loan in one convenient interface. Get an instant loan quote and Loan File

Otherwise, you can read on to see common guideline breakdowns:

Credit Score

In most cases, a 720 credit score will qualify you for the lowest interest rate and highest loan amount. We recommend protecting your credit score and striving for a 740+ score to make sure you get the best terms.

No Seasoning

Most DSCR lenders require 6 months of seasoning. At OfferMarket, we have a no seasoning program for qualified borrowers. We also offer 90 day (3 month) seasoning for borrowers with 700+ credit score or 5+ rental experience.

Rural Properties

Rural properties are not a good fit for DSCR loan programs. If your property is considered rural in any of the following ways, it may not be eligible:

• Rural designation by Federal Government (CFPB, USDA)
• Rural designation by appraiser
• Population under 10,000
• 5+ miles from a 100,000+ population center

Rural designation is a gray area so we recommend proceeding with caution on any purchase where the subject property checks one or more of the above bullets. We can't lend on rural properties. How can I find out, if my property is rural? Here are more detail on how to verify if your property is rural in our Rural Designation Search Tools. The 2 search tools are hosted by USDA Rural Development Property Eligibility and CFPB Rural and Underserved Areas Checker. Both of the tools must flag the property as not rural for it to be eligible for our funding. Use these instruction to find out if your property is considered rural

Full list of requirements can be found here in DSCR loan requirements.

How to get a DSCR Loan in Oklahoma?

The easiest way to start your Oklahoma DSCR loan is to click the start button next to "apply for DSCR loan" banners at the top or bottom of this page. OfferMarket's team has expansive experience working with real estate investors across Oklahoma.

What are the requirements for a DSCR loan in Oklahoma?

If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Oklahoma. If you want a more detailed quote for your specific deal, click "start" next to "apply for a DSCR loan" and our online quoting system will produce an accurate quote based on 14 questions related to your deal. Most investors are able to get a complete quote in under a minute because those 14 questions most investors will know answers to. Our most detailed DSCR Loan Requirements can be found here. Once you complete an online quote, you can proceed to your Loan File, where you can peruse the Loan Terms which will detail all the fees and proceeds of the loan in one convenient interface. Get an instant loan quote and Loan File

Why use Oklahoma DSCR Loans to buy investment properties?

DSCR (debt-service coverage ratio) loans can help real estate investors shorten their cash cycle and grow their rental portfolios more rapidly in a few key ways. First, the higher leverage and lower down payments allowed by DSCR loans mean investors can acquire more properties with the same amount of cash on hand, rather than tying it all up in larger down payments. Additionally, the option for interest-only payments creates more positive cash flow that can be reinvested into new property acquisitions. Finally, DSCR underwriting based solely on the rental income of the property itself, rather than the investor's personal income, enables investors to scale their portfolios more quickly without running into debt-to-income ratio restrictions.

DSCR Loan Oklahoma