**Last updated:** April 15, 2024

 

There are many options when it comes to getting a fix and flip loan for your next 1 to 4 unit residential project. Whether your exit strategy is a flip (sale), or to rent and refinance into a DSCR loan, we are here to help you. 

 

OfferMarket has rebranded our fix and flip loan program in order to focus on serving rental property investors. We now call this our "Fix and Rent" loan program: a bundle of Fix and Flip loan + DSCR loan that provides industry-leading terms and discounts for Illinois rental property investors that buy, rehab, rent and refinance (BRRR) with OfferMarket. Get an [instant quote and pre-approval](https://www.offermarket.us/loans?ref=blog-fix-and-flip-loans-illinois).

 

1 to 4 unit residential properties in Illinois and Chicago are a great fit for fix and flip loans, which is otherwise referred to as "hard money" or "private money" or "bridge loan". If you have a distressed property you'd like to purchase and rehab, we have the capital and expertise to help you every step of the way.

 

We are currently advising our clients in Illinois to exercise caution when entering into new fix and flip loans. Use conservative estimates for ARV, protect your credit score. Fix and flip investors with an exit strategy to sell (flip), are strongly encouraged to underwrite for a rent and refinance exit strategy in case a sale is not a profitable or viable option.

 

Grow your real estate business with fast, reliable, competitively priced capital. Proudly serving real estate investors throughout Illinois and Chicagoland.

 

## Fix and Flip Loans Chicago

 

If you're buying distressed properties in Chicago, we can fund up to 100% of the purchase price and 100% of the rehab. Plan your next project confidently -- common sense underwriting and deal structuring to help you achieve your goal and manage risk.

 

## Illinois Fix and Flip Loan Program

 

Built for real estate investors who demand a better borrowing experience.

 

<div style="display: grid; grid-template-columns: repeat(1, minmax(0, 1fr)); overflow: auto; white-space: nowrap;">
<table>
<thead>
 <tr>
 <th>Fix and Flip</th>
 <th>Guidelines</th>
 </tr>
</thead>
<tbody>
 <tr>
 <td>Interest rate</td>
 <td><a href="https://www.offermarket.us/loans" target="_blank" rel="noopener noreferrer">Get quote</a></td>
 </tr>
 <tr>
 <td>Time to fund</td>
 <td>10 - 20 days</td>
 </tr>
 <tr>
 <td>Max loan to purchase price</td>
 <td>100%</td>
 </tr>
 <tr>
 <td>Max loan to rehab</td>
 <td>100%</td>
 </tr>
 <tr>
 <td>Max loan to ARV</td>
 <td>70%</td>
 </tr>
 <tr>
 <td>Term</td>
 <td>12 - 18 months</td>
 </tr>
 <tr>
 <td>Property type</td>
 <td>1 - 4 units, non-rural</td>
 </tr>
 <tr>
 <td>Minimum loan amount</td>
 <td>$50,000</td>
 </tr>
 <tr>
 <td>Minimum ARV</td>
 <td>$100,000</td>
 </tr>
 <tr>
 <td>Origination Fee</td>
 <td>2 points</td>
 </tr>
 <tr>
 <td>Interest type</td>
 <td><a href="https://www.offermarket.us/real-estate-glossary/dutch-interest" target="_blank" rel="noopener noreferrer">Full Boat or As Disbursed</a></td>
 </tr>
 <tr>
 <td>Draw type</td>
 <td><a href="https://www.offermarket.us/real-estate-glossary/what-is-advanced-draws-fix-flip-loans" target="_blank" rel="noopener noreferrer">Advanced or Reimbursed, Inspector-less</a></td>
 </tr>
 <tr>
 <td>Underwriting fee</td>
 <td>$495</td>
 </tr>
 <tr>
 <td>Legal/doc prep fee</td>
 <td>$500 - $995</td>
 </tr>
 <tr>
 <td>Prepayment Penalty</td>
 <td>No</td>
 </tr>
 <tr>
 <td>Appraisal required</td>
 <td>Yes</td>
 </tr>
</tbody>
</table>
</div>

 

## Related Illinois Resources

 

- [DSCR Loans Illinois](https://www.offermarket.us/blog/dscr-loans-illinois)
- [Landlord Insurance Illinois](https://www.offermarket.us/blog/landlord-insurance-illinois)

Fix and Flip Loans Illinois is your go-to resource to help you get the best possible terms for your next fix and flip loan.

large_Fix and Flip Loans Illinois.png

medium_Fix and Flip Loans Illinois.png

small_Fix and Flip Loans Illinois.png

thumbnail_Fix and Flip Loans Illinois.png

Fix and Flip Loans Illinois.png

Fix and Flip Loans Illinois

## What areas of Washington DC look promising?

 

Washington D.C. attracts a diverse population with its political heart, booming job market, and cultural offerings, creating a dynamic and competitive rental market for potential investors. Rental demand is robust due to the city's status as a hub for federal government agencies, international organizations, and a thriving tech industry. Additionally, limited housing supply exacerbates the situation, with new construction failing to keep pace with job growth, resulting in low vacancy rates and upward pressure on rents in many areas. Overall, D.C. boasts some of the highest average rents in the nation. Investors can expect potentially strong returns but should factor in higher acquisition and maintenance costs. Rents can vary significantly depending on the neighborhood. Popular areas near government buildings, Georgetown, and trendy districts will see higher rents.

 

Washington D.C. has rent control regulations for some buildings, which can impact potential returns. It's crucial to research regulations in specific areas before investing. Due to the fast-paced market, consider hiring a property management company to handle tenant relations and maintenance efficiently, but DC boast some of the highest premiums for property management in the nation.

 

- Dupont Circle/West End (Zip Codes: 20036, 20007). These upscale, vibrant neighborhoods attract a mix of young professionals and government employees. Rents are high and relatively stable due to sustained demand.
- Adams Morgan (Zip Code: 20009). Known for its diverse, international atmosphere and strong nightlife scene, Adams Morgan has rents that can be moderate to high depending on the property and location.
- NoMa/H Street (Zip Codes: 20002, 20006). These up-and-coming areas feature a growing tech scene and entertainment options. Rents are rising due to revitalization efforts and increased demand.

 


## What areas do you do serve in Washington DC?


 


We work with all properties in Washington DC that have a non-rural designation. Use this [rural designation search tool](https://www.offermarket.us/blog/rural-designation-search-tools) to see if your property is considered rural.


 


## How do DSCR loans work in Washington DC?


 


The overall process of getting a DSCR Loan in Washington DC is approximately as follows. You submit an application for a loan (you can get started on your loan with an [instant quote](https://www.offermarket.us/loan)) 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](https://www.offermarket.us/blog/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 Washington DC loans?


 


We do offer refinance options with no seasoning requirements. Here is the general criteria for cash out refi no seasoning for Washington DC loans. Easiest way to see if you qualify is to answer a few question in our [online quoter](https://www.offermarket.us/loans). 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](https://www.offermarket.us/blog/cash-out-refi-no-seasoning).


 


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](https://www.offermarket.us/blog/property-condition-ratings-c1-c2-c3-c4-c5-c6). 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 DC DSCR loans](https://www.offermarket.us/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](https://www.offermarket.us/insurance) here.


 


## What are the best DSCR Lender Washington DC?


 


There are many DSCR lenders in Washington DC 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](https://www.offermarket.us/blog/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](https://www.offermarket.us/blog/rural-designation-search-tools)


## What are the requirements for a DSCR loan in Washington DC?


 


If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Washington DC. 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](https://www.offermarket.us/blog/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](https://www.offermarket.us/loans)


 


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](https://www.offermarket.us/blog/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](https://www.offermarket.us/blog/rural-designation-search-tools)


 


<div style="display: grid; grid-template-columns: repeat(1, minmax(0, 1fr)); overflow: auto; white-space: nowrap;">
<table>
<thead>
<tr>
 <th>Guidelines</th>
 <th>Criteria</th>
</tr>
</thead>
<tbody>
<tr>
 <td>Max Loan Amount: Purchase</td>
 <td>80% of purchase price (20% down payment)</td>
</tr>
<tr>
 <td>Max LTV: Refi</td>
 <td>75% cash out, 80% rate and term</td>
</tr>
<tr>
 <td>Min credit Score</td>
 <td>660</td>
</tr>
<tr>
 <td>Min seasoning</td>
 <td>No seasoning or 3 months depending on experience, loan amount</td>
</tr>
<tr>
 <td>Appraisal</td>
 <td>On-site (As Is 1004/1007 for single family, As Is 1025 for 2-4 units)</td>
</tr>
<tr>
 <td>Credit report</td>
 <td><a href="https://www.offermarket.us/blog/what-is-a-tri-merge-credit-report" target="_blank" rel="noopener noreferrer">Tri merge</a></td>
</tr>
<tr>
 <td>Property location</td>
 <td><a href="https://www.offermarket.us/blog/rural-designation-search-tools" target="_blank" rel="noopener noreferrer">Non-rural</a></td>
</tr>
</tbody>
</table>
</div>


 


Full list of requirements can be found here in [DSCR loan requirements](https://www.offermarket.us/blog/dscr-loan-requirements).


 


## How to get a DSCR Loan in Washington DC?


 


The easiest way to start your Washington DC 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 DC.


 


## What are the requirements for a DSCR loan in Washington DC?


 


If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Washington DC. 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](https://www.offermarket.us/blog/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](https://www.offermarket.us/loans)


 


## Why use Washington DC 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 Washington DC

## What areas do you do serve in Delaware?


 


We work with all properties in Delaware that have a non-rural designation. Use this [rural designation search tool](https://www.offermarket.us/blog/rural-designation-search-tools) to see if your property is considered rural.


 


## How do DSCR loans work in Delaware?


 


The overall process of getting a DSCR Loan in Delaware is approximately as follows. You submit an application for a loan (you can get started on your loan with an [instant quote](https://www.offermarket.us/loan)) 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](https://www.offermarket.us/blog/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 Delaware loans?


 


We do offer refinance options with no seasoning requirements. Here is the general criteria for cash out refi no seasoning for Delaware loans. Easiest way to see if you qualify is to answer a few question in our [online quoter](https://www.offermarket.us/loans). 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](https://www.offermarket.us/blog/cash-out-refi-no-seasoning).


 


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](https://www.offermarket.us/blog/property-condition-ratings-c1-c2-c3-c4-c5-c6). 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 Delaware DSCR loans](https://www.offermarket.us/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](https://www.offermarket.us/insurance) here.


 


## What are the best DSCR Lender Delaware?


 


There are many DSCR lenders in Delaware 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](https://www.offermarket.us/blog/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](https://www.offermarket.us/blog/rural-designation-search-tools)


## What are the requirements for a DSCR loan in Delaware?


 


If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Delaware. 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](https://www.offermarket.us/blog/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](https://www.offermarket.us/loans)


 


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](https://www.offermarket.us/blog/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](https://www.offermarket.us/blog/rural-designation-search-tools)


 


<div style="display: grid; grid-template-columns: repeat(1, minmax(0, 1fr)); overflow: auto; white-space: nowrap;">
<table>
<thead>
<tr>
 <th>Guidelines</th>
 <th>Criteria</th>
</tr>
</thead>
<tbody>
<tr>
 <td>Max Loan Amount: Purchase</td>
 <td>80% of purchase price (20% down payment)</td>
</tr>
<tr>
 <td>Max LTV: Refi</td>
 <td>75% cash out, 80% rate and term</td>
</tr>
<tr>
 <td>Min credit Score</td>
 <td>660</td>
</tr>
<tr>
 <td>Min seasoning</td>
 <td>No seasoning or 3 months depending on experience, loan amount</td>
</tr>
<tr>
 <td>Appraisal</td>
 <td>On-site (As Is 1004/1007 for single family, As Is 1025 for 2-4 units)</td>
</tr>
<tr>
 <td>Credit report</td>
 <td><a href="https://www.offermarket.us/blog/what-is-a-tri-merge-credit-report" target="_blank" rel="noopener noreferrer">Tri merge</a></td>
</tr>
<tr>
 <td>Property location</td>
 <td><a href="https://www.offermarket.us/blog/rural-designation-search-tools" target="_blank" rel="noopener noreferrer">Non-rural</a></td>
</tr>
</tbody>
</table>
</div>


 


Full list of requirements can be found here in [DSCR loan requirements](https://www.offermarket.us/blog/dscr-loan-requirements).


 


## How to get a DSCR Loan in Delaware?


 


The easiest way to start your Delaware 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 Delaware.


 


## What are the requirements for a DSCR loan in Delaware?


 


If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Delaware. 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](https://www.offermarket.us/blog/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](https://www.offermarket.us/loans)


 


## Why use Delaware 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.

 

## What areas of Delaware are good for investment properties? 

 

Delaware, the second-smallest state in the U.S., offers a unique proposition for real estate investors. While the overall population growth is projected to be slow and steady, the state's focus on stability and affordability makes it an attractive option for renters.

 

The favorable business climate in Delaware, known for its corporation-friendly laws, attracts numerous businesses, creating a stable job market for potential renters. Compared to national averages, Delaware offers a lower cost of living, appealing to renters seeking value, which can translate into strong rental yields for investors. Additionally, Delaware's thriving tourism industry, with its beautiful beaches and historic towns, impacts rental demand in coastal areas and popular destinations, especially during peak seasons.

 

### Greater Wilmington Area

 

Wilmington is experiencing slow but steady growth, with an estimated 10,000 new residents expected in the next five years. The local economy is driven by finance (with multiple banking institutions), healthcare (ChristianaCare employing 18,000 people), and manufacturing (particularly in the chemical industry).

- 19801 (Downtown Wilmington): This revitalized downtown area features a growing entertainment district and numerous job opportunities. Rents here could see moderate increases due to demand from young professionals.
- 19710 (Brandywine Hundred): An upscale suburban area known for its excellent schools and proximity to major employers. Rents in this region could see stable growth due to limited housing availability and steady demand from families.
- 19703 (Newark): A university town with a mix of students (University of Delaware with 23,000 students) and young professionals. Rents in this neighborhood could see moderate increases due to student demand, with fluctuations during academic semesters. Proximity to Wilmington could also drive some rental increases.

### Dover Area

 

Dover is experiencing slow growth, with an estimated 5,000 new residents expected in the next five years. The local economy is supported by state government, healthcare (Bayhealth Kent General Hospital), and logistics.

 

- 19901 (Downtown Dover): This area is undergoing revitalization with a focus on arts and entertainment. Rents here could see moderate increases as demand rises.
- 19904 (Kent Acres): A family-friendly area known for its good schools and proximity to Dover. Rents in this neighborhood could see stable growth due to steady demand.
- 19903 (Milford): A growing town that attracts young professionals and families, located near Dover Air Force Base. Rents here could see moderate increases due to rising demand.

DSCR Loan Delaware

Grow your real estate investing business with the most competitive DSCR loan product. OfferMarket also provides DSCR rental loans, bridge loans, hard money, fix & flip, rehab, ground up construction loans.

Rental Loans

What is a HUD-1 Settlement Statement?

ALTA and HUD-1 settlement statements

Private Lender Info

## What is a HUD-1 Settlement Statement?

 

A HUD-1 is an official settlement statement form provided by the U.S. Department of Housing and Urban Development. The HUD-1 is used to show the debits and credits for the buyer and seller in a real estate transaction. 

 

## [ALTA and HUD-1 settlement statements](https://drive.google.com/drive/folders/1Q1I-B7FVaTGQJO7XFQxw5fs7r9Ai5pAh)

 

The title attorney or real estate attorney conducting the real estate settlement will provide a HUD-1 to the seller and the buyer. It's important to carefully review the HUD-1 to make sure there are no errors. This document is then signed by the seller and the buyer at closing.

 

## Private Lender Info

 

- [ALTA](https://www.offermarket.us/real-estate-glossary/alta)
- [ISAOA/ATIMA](https://www.offermarket.us/real-estate-glossary/isaoa-atima)
- [Mortgagee Clause](https://www.offermarket.us/real-estate-glossary/mortgagee-clause)
- [CC](https://www.offermarket.us/real-estate-glossary/cc)

A HUD-1 is a settlement statement used to show the debits and credits for the buyer and seller in a real estate transaction.

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What is HUD-1 in real estate?

* Takes 2 minutes, no credit pull

What is a HUD-1 Settlement Statement?

ALTA and HUD-1 settlement statements

Private Lender Info

* Takes 2 minutes, no credit pull