Onslow Bay DSCR Plus Program
Best For: Flexible Terms, Easy Qualification, Savvy Investors
Onslow Bay Investor Max DSCR Program
Program Description
Specialty investment property program to purchase homes without personal income documentation. No personal income documentation required. Qualification is based on the property cash flows. Can use either the appraisal rent schedule, current lease, or AirDna Report. Multiple loans for 1 borrower encouraged. Fund as LLC. Very competitive pricing
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Onslow Bay DSCR Plus Program
Min. Credit Score
N/A
Min. Down Payment
20%
Max Loan Amount
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- No Personal Income Documentation
- 30 yr, Adjustable Rate, 40 yr Interest Only Options Available
- Down to 3 months Reserves
- Investment Properties Only
- At least 20% down
- Condos are max 75% LTV
- Frist-Time Investors must be 700+ FICO and property must cash flow
- Often includes a Prepayment Penalty (Optional, Not Mandatory)
Program Availability
Onslow Bay DSCR Plus Programs are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“Great for investors. No personal income documentation required. Qualification is based on the property cash flows. Can use either the appraisal rent schedule, current lease, or AirDna Report."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
100.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Property DOES NOT have to be cash flow positive to qualfiy.
- Up to 10 properties or $7.5m with Onslow
- Rate Leader
Additional Conditions
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 3%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
AIG Jumbo Purchase Loan
Best For: Large Down Payments, Large Loan Amounts, High Credit Scores, Lowest Rates
Fixed-rate jumbo mortgage option for loan amounts up to $2 million—also available for second homes and investment properties.
Carrington Investor Advantage Program
Best For: Large Loan Amounts, Easy Qualification, Easy Process, Savvy Investors
Carrington DSCR Investor Cash Flow
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* No personal income documentation required. Qualification is based on the property cash flows.
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