What documents do I need for a DSCR loan?
The short answer
A DSCR loan skips tax returns, W-2s, and pay stubs. You'll typically need your ID, bank statements showing your down payment and reserves, the lease or the appraiser's rent estimate, an insurance quote, and entity documents if you're closing in an LLC. The Mortgage Advisory sends you a simple checklist up front so your file moves fast.
What's on the checklist?
About you
- Photo ID
- Signed application and credit authorization
Your money
- Two months of bank statements (or more) showing your down payment, closing costs, and reserves
- Explanation of any large deposits
The property
- Purchase contract (or your current mortgage statement on a refinance)
- Lease if it's already rented; on a purchase, the appraiser's rent estimate is often enough
- Insurance quote (landlord or rental dwelling policy)
- HOA contact info, if any
- For short-term rentals: booking history or the program's market report
If you're closing in an LLC
- Articles of organization, operating agreement, EIN letter, and certificate of good standing
What you don't need
- Personal tax returns
- W-2s or pay stubs
- Employment verification
- A personal debt-to-income calculation
How fast can a DSCR loan close?
With a clean file and a quick appraisal, many DSCR loans close in about 3 to 4 weeks. The appraisal and insurance are usually the slowest parts, so order them early.
Our take
The fastest DSCR closings happen when the insurance quote and LLC documents are ready before the appraisal comes back. Send me your checklist items early and I'll keep the file moving.
Ace Ausar, Mortgage Banker · NMLS #1143018
The Mortgage Advisory, Inc. · NMLS #1549739
Reviewed by Ace Ausar, NMLS #1143018 · Updated
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