DSCR Loan Washington

What areas do you do serve in Washington?

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

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 Washington loans?

We do offer refinance options with no seasoning requirements. Here is the general criteria for cash out refi no seasoning for Washington 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 Washington DSCR loans.

How do DSCR loans work in Washington?

The overall process of getting a DSCR Loan in Washington 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.

What are the best DSCR Lender Washington?

There are many DSCR lenders in Washington 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.

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 requirements for a DSCR loan in Washington?

If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Washington. 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 Washington?

The easiest way to start your Washington 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 Washington.

What are the requirements for a DSCR loan in Washington?

If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Washington. 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 Washington 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.

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 good areas of Washington state?

The Washington state's strong job market is fueled by technology giants like Amazon and Microsoft, leading to significant job growth and an influx of young professionals seeking rental properties. However, the limited housing supply, especially in desirable areas such as Seattle and Puget Sound, keeps rental demand high and can lead to rising rents. Additionally, Washington boasts a diverse economy beyond the tech sector, with strong healthcare, manufacturing (Boeing), and agricultural sectors, providing stability to the rental market.

Seattle Metro Area

Seattle is experiencing moderate growth, with an estimated 25,000 new residents expected in the next five years. The economy is driven by key sectors such as technology (with Amazon and Microsoft leading the way), healthcare (Swedish Health Services), and retail (major retailers).

• 98104 (Downtown Seattle): This bustling city center offers numerous job opportunities, entertainment, and cultural attractions. Rents in this area could see moderate to high increases due to consistent demand from young professionals.
• 98122 (Queen Anne): An upscale neighborhood with stunning views and proximity to downtown Seattle. Rents here could see stable growth due to limited housing availability and high demand.
• 98118 (West Seattle): A family-friendly area that attracts a mix of young professionals and families. Rents in this neighborhood could see moderate increases due to steady demand.

Spokane Area

Spokane is experiencing slow but steady growth, with an estimated 8,000 new residents expected in the next five years. The local economy is supported by healthcare (Providence Sacred Heart Medical Center employing 15,000 people), education (Eastern Washington University with 12,000 students), and agriculture.

• 99201 (Downtown Spokane): Revitalization efforts are drawing new businesses and residents to this area. Rents here could see moderate increases as demand rises.
• 99203 (South Hill): An upscale area known for excellent schools and proximity to downtown Spokane. Rents in this region could see stable growth due to limited housing availability.
• 99206 (Spokane Valley): A family-friendly suburb with good schools and a growing population. Rents here could see moderate increases due to rising demand.

Bellingham Area

Bellingham is experiencing moderate growth, with an estimated 7,000 new residents projected in the next five years. The economy is bolstered by education (Western Washington University with 16,000 students), healthcare (PeaceHealth St. Joseph Medical Center employing 3,500 people), and tourism.

• 98225 (Fairhaven): A vibrant district near Western Washington University featuring shops, restaurants, and a large student population. Rents in this area could see moderate increases due to student demand, with fluctuations during academic semesters.
• 98227 (Lake Whatcom): A family-friendly area with beautiful scenery and proximity to Bellingham. Rents here could see stable growth due to steady demand.