DSCR Loans
Buy or refinance rental property anywhere in the country based on the property’s rent, not your paycheck. No W-2s, no tax returns, and no employment verification. CambridgeHomeLoan.com has been a direct DSCR lender since 1998, funding purchases, refinances, and cash-out loans in all 50 states, with priority review for applications in Florida, Texas, Maryland, Georgia, North Carolina, and Ohio.
- Qualify on the property’s rent with no tax returns or W-2s
- Rates from 5.75% · up to 85% LTV · DSCR from 0.75x
- All 50 states · direct lender since 1998 · no income verification
- Single-family, condo, 2–4 unit, multifamily, and commercial considered
- LLCs and foreign nationals welcome · no cap on financed properties
Nationwide DSCR loans: key facts (2026)
- What it is: a business-purpose rental loan that qualifies on the property’s rent divided by its payment (DSCR), not your personal income.
- Coverage: all 50 states. Minimum credit score 620+, with the best pricing at 720–780+.
- Max LTV: up to 85% on purchase and 75–80% on cash-out. Min DSCR: from 0.75x.
- Rates: from 5.75% for the strongest borrower profiles.
- Closing: as fast as 14 days. Vest as an individual, LLC, or entity. Foreign nationals eligible.
- Priority states: applications from Florida, Texas, Maryland, Georgia, North Carolina, and Ohio are prioritized, and requirements in those states can be reviewed on priority.
- Lender: CambridgeHomeLoan.com, a direct DSCR lender since 1998, NMLS #1826020.
DSCR loans nationwide
What is a DSCR loan?
A DSCR loan (Debt Service Coverage Ratio loan) is an investment-property mortgage that looks at the rent a property earns instead of your personal income. We divide gross monthly rent by the full housing payment, which is principal, interest, taxes, insurance, and HOA (PITIA). If the rent covers the payment, you can qualify. There are no tax returns, no W-2s, and no debt-to-income calculation.
For investors, that makes DSCR one of the fastest and most flexible ways to buy and refinance rentals, from single-family homes, condos, and 2–4 unit properties to multifamily buildings, short-term rentals, and mixed-use assets in every state.
| Qualifies on | The property’s rent ÷ PITIA (DSCR), not personal income |
| Rates from | 5.75% (Tier 1; see rate tiers below) |
| Max LTV | Up to 85% (purchase) · 75–80% cash-out |
| Min DSCR | From 0.75x with compensating factors · no-ratio options |
| Min FICO | 620+ (best pricing 720–780+) |
| Vesting | Personal or LLC · foreign nationals eligible · no property cap |
| Coverage | All 50 states, nationwide · priority review in FL, TX, MD, GA, NC and OH |
See what your rental qualifies for
No tax returns, same-day tiered quote.The DSCR advantage
Why You Should Go for DSCR Loans?
Traditional mortgages were designed for salaried borrowers buying a home to live in. Investors play a different game. They buy several properties, run businesses, and often show modest taxable income after deductions, which can make conventional qualifying slow or impossible. A DSCR loan was built for that reality, because it asks one question: does the property earn enough to pay for itself?
The answer comes from the numbers on the property. That keeps the process predictable, the paperwork light, and the focus on the deal instead of your personal finances. Here is why so many rental investors choose DSCR financing.
The rent the property earns, compared with its full payment, drives approval. Your W-2, pay stubs, and employment history are not part of the decision.
Self-employed investors, business owners, and retirees often show low taxable income after deductions. DSCR sidesteps that problem because tax returns are not requested.
Conventional lenders typically stop around ten financed properties. A DSCR loan has no cap, because each property is judged on its own cash flow.
Hold each rental in an LLC for liability and organization, or in your own name. Foreign nationals and first-time investors are welcome.
With no income documents to collect, a clean file can move from term sheet to funding quickly, which helps you win competitive deals.
Up to 85% LTV on purchase and a DSCR floor from 0.75x with compensating factors leave room for taxes, insurance, and HOA dues.
Single-family homes, condos, 2–4 unit properties, small multifamily, and permitted short-term rentals can all be considered.
Buy a new rental, refinance to a better structure, or pull equity out to fund your next acquisition, all on the same rent-based approach.
A DSCR loan is the right tool for a rental you plan to hold. If you are buying a property that needs a major rehab, closing before you sell another asset, or purchasing a large apartment building, a different structure may fit better. See the alternate financing options at the bottom of this page.
Ready to put your rent to work?
Same-day tiered quote, no hard credit pull to start.DSCR loans by state
Find your state’s DSCR loan page
We fund DSCR loans in all 50 states. Each box below covers what’s happening in that state’s rental market and why a DSCR loan is a good fit there. We prioritize applications from Florida, Texas, Maryland, Georgia, North Carolina, and Ohio, and if you have requirements in those states, we can review them on priority. Tap the button to open your state’s page.
Featured markets
Our top DSCR states, where investor demand and activity run highest. Florida, Texas, Maryland, Georgia, North Carolina, and Ohio are our priority states.
Florida
State snapshot
No state income tax, year-round tourism, snowbird demand, and military and vacation-rental markets from Orlando to the Gulf Coast. Insurance and HOA costs run higher, and condo rules such as SB 4-D inspection and reserve requirements can affect older buildings, so they weigh heavily in the DSCR math.
Why DSCR fits
Many Florida buyers are out-of-state or foreign investors and LLCs, and rent-based qualifying lets them skip personal income documents. Condos, vacation rentals and value-add buildings are common DSCR deals here, and a real insurance quote for the address keeps the ratio accurate.
Priority state: we prioritize applications from Florida. If you have requirements in Florida, send them in and we can review them on priority.
Florida local market details
- Population (2020 Census): about 21.5 million
- Rental market overview: Miami, Orlando, Tampa and Jacksonville lead a deep rental market that includes seasonal leases and vacation rentals. State law limits local rent control, so rents follow the market.
- Housing trends: Prices climbed sharply since 2020, and inventory has grown more recently. Insurance costs and condo reserve rules (SB 4-D) now weigh heavily on payments in coastal and older buildings.
- Major employers: Publix, NextEra Energy, Walt Disney World, Carnival, Lockheed Martin, Raymond James, Darden Restaurants
- Hospitals and healthcare: Baptist Health South Florida, AdventHealth, Moffitt Cancer Center, Mayo Clinic Jacksonville, Jackson Health
- Colleges and universities: University of Florida, Florida State, UCF, USF, University of Miami, FIU
- Malls and shopping: Aventura Mall, Dadeland Mall, International Plaza (Tampa), Mall at Millenia, St. Johns Town Center
- Attractions: Walt Disney World, Universal Orlando, Everglades, Florida Keys, Kennedy Space Center, Gulf and Atlantic beaches
Maryland
State snapshot
Baltimore row homes, Washington-area suburbs, and steady demand from federal workers, military bases, and universities. Many counties and cities require rental licensing or registration, and older housing can bring lead-paint documentation, so it helps to know the local rules before you buy.
Why DSCR fits
Rent-based underwriting suits investors who own several rentals across Maryland and want financing that doesn’t depend on tax returns. Row homes, townhomes and 2-4 unit buildings are qualified on the property’s rent, with taxes, insurance and any ground rent or HOA counted in the payment.
Priority state: we prioritize applications from Maryland. If you have requirements in Maryland, send them in and we can review them on priority.
Maryland local market details
- Population (2020 Census): about 6.2 million
- Rental market overview: Baltimore and the Washington suburbs lead demand, supported by federal agencies, defense contractors, universities and bases such as Fort Meade. Many counties require rental licensing.
- Housing trends: Prices are firm in the D.C. suburbs and more affordable in Baltimore. Older housing may carry lead-paint rules, and some properties have ground rent.
- Major employers: Lockheed Martin, Marriott International, T. Rowe Price, McCormick, Under Armour, Constellation Energy, Johns Hopkins
- Hospitals and healthcare: Johns Hopkins Hospital, University of Maryland Medical System, NIH Clinical Center, MedStar Health, Walter Reed
- Colleges and universities: Johns Hopkins University, University of Maryland College Park, Towson University, Morgan State, U.S. Naval Academy
- Malls and shopping: The Mall in Columbia, Towson Town Center, Annapolis Mall, Arundel Mills
- Attractions: Inner Harbor and National Aquarium, Camden Yards, Annapolis, Ocean City, Chesapeake Bay
Georgia
State snapshot
Atlanta’s growth, Savannah’s tourism, and several large military installations keep rental demand steady, with moderate property taxes. Georgia closings run through an attorney, and local short-term-rental rules differ from city to city, especially in Savannah.
Why DSCR fits
Strong tenant demand and plenty of single-family rentals make it easy to find properties that rent well enough to meet DSCR, with no cap on financed properties. We coordinate with your closing attorney and use the real county and school-district tax figures.
Priority state: we prioritize applications from Georgia. If you have requirements in Georgia, send them in and we can review them on priority.
Georgia local market details
- Population (2020 Census): about 10.7 million
- Rental market overview: Metro Atlanta dominates, with Savannah, Augusta, Columbus and Macon adding port, military and healthcare demand. Single-family rentals are especially common.
- Housing trends: Prices have risen steadily with strong job and population growth, and institutional investors are active in single-family homes. Property taxes are moderate.
- Major employers: Delta Air Lines, Coca-Cola, Home Depot, UPS, Southern Company, Georgia-Pacific, Hyundai Metaplant
- Hospitals and healthcare: Emory Healthcare, Piedmont Healthcare, Grady Memorial, Children’s Healthcare of Atlanta, Northside Hospital
- Colleges and universities: Georgia Tech, University of Georgia, Emory, Georgia State, Kennesaw State, SCAD
- Malls and shopping: Lenox Square, Phipps Plaza, Perimeter Mall, Mall of Georgia
- Attractions: Georgia Aquarium, World of Coca-Cola, Stone Mountain Park, Savannah Historic District, Tybee and Jekyll Islands
California
State snapshot
The highest prices and appreciation in the country, ADU and guesthouse rental income, Palm Springs short-term rentals, and better cash flow in the Central Valley and Inland Empire.
Why DSCR fits
Big loan sizes make personal-income qualifying hard for investors. DSCR looks at the rent instead, and ADU or short-term-rental income can help close gaps, though a larger down payment is common.
California local market details
- Population (2020 Census): about 39.5 million
- Rental market overview: The largest rental market in the country, with major demand in Los Angeles, the Bay Area, San Diego, Sacramento and the Inland Empire. Many renters, high rents and low vacancy are common, and statewide limits on annual rent increases apply to many older buildings.
- Housing trends: Median prices are among the highest in the nation, and higher interest rates have slowed sales in recent years. State law now makes ADUs easier to build, which can add rental income.
- Major employers: Apple, Alphabet, Meta, Nvidia, Walt Disney, Wells Fargo, Chevron, Kaiser Permanente
- Hospitals and healthcare: Kaiser Permanente, Cedars-Sinai, UCSF Health, UCLA Health, Sutter Health
- Colleges and universities: University of California campuses (UCLA, Berkeley, San Diego), Stanford, USC, Cal State system
- Malls and shopping: Westfield Century City, South Coast Plaza, The Grove, Stanford Shopping Center, Westfield Valley Fair
- Attractions: Disneyland, Yosemite, Golden Gate Bridge, San Diego Zoo, Napa Valley, Palm Springs
North Carolina
State snapshot
Charlotte’s banking economy, the Research Triangle’s universities and tech jobs, and coastal and mountain vacation rentals drive demand. Coastal properties bring wind and flood insurance considerations, while the Triangle and Charlotte have steady year-round tenant demand.
Why DSCR fits
Growing metros, moderate property taxes, and a mix of long-term and short-term rentals give investors plenty of DSCR-friendly deals and room to scale. We build the real tax and insurance figures into your DSCR so coastal and mountain deals are underwritten accurately.
Priority state: we prioritize applications from North Carolina. If you have requirements in North Carolina, send them in and we can review them on priority.
North Carolina local market details
- Population (2020 Census): about 10.4 million
- Rental market overview: Charlotte and the Research Triangle (Raleigh, Durham) lead demand, with Greensboro, Wilmington, Asheville and Fayetteville adding university, military and tourism renters.
- Housing trends: Strong population growth has pushed prices up, and demand remains high. Coastal and mountain areas bring wind, flood and insurance considerations.
- Major employers: Bank of America, Truist, Wells Fargo operations, Duke Energy, Lowe’s, Honeywell, Fidelity Investments, Fort Bragg and Camp Lejeune
- Hospitals and healthcare: Atrium Health, Duke Health, UNC Health, Novant Health, WakeMed
- Colleges and universities: UNC Chapel Hill, Duke University, NC State, Wake Forest University, Appalachian State
- Malls and shopping: SouthPark Mall (Charlotte), Crabtree Valley Mall (Raleigh), The Streets at Southpoint (Durham), Concord Mills
- Attractions: Blue Ridge Parkway, Outer Banks, Biltmore Estate, Great Smoky Mountains, Charlotte Motor Speedway
Ohio
State snapshot
Low purchase prices, older housing stock, and strong rent-to-price ratios in Cleveland, Columbus, Cincinnati, and mid-sized cities, with property taxes that affect the numbers. Older homes often need updates, and many investors renovate before they refinance.
Why DSCR fits
High gross yields help the ratio, and DSCR is a natural take-out for BRRRR investors refinancing a rehabbed property. Because Ohio taxes can be meaningful, we use the actual tax bill so your DSCR reflects the true payment.
Priority state: we prioritize applications from Ohio. If you have requirements in Ohio, send them in and we can review them on priority.
Ohio local market details
- Population (2020 Census): about 11.8 million
- Rental market overview: Columbus, Cleveland and Cincinnati lead demand, with Toledo, Akron, Dayton and smaller cities offering strong rent-to-price ratios. Many cities require rental registration.
- Housing trends: Prices are affordable relative to the nation, with strong appreciation in Columbus. Older housing stock is common, and property taxes affect the payment.
- Major employers: Procter & Gamble, Kroger, Nationwide, Cardinal Health, Huntington Bancshares, KeyCorp, Honda, Progressive
- Hospitals and healthcare: Cleveland Clinic, OhioHealth, Cincinnati Children’s, Nationwide Children’s, University Hospitals
- Colleges and universities: Ohio State University, University of Cincinnati, Case Western Reserve, Kent State, Miami University
- Malls and shopping: Easton Town Center, Polaris Fashion Place, Beachwood Place, Kenwood Towne Centre, Crocker Park
- Attractions: Rock & Roll Hall of Fame, Cedar Point, Pro Football Hall of Fame, Hocking Hills, Cuyahoga Valley National Park
Pennsylvania
State snapshot
Row homes in Philadelphia and Pittsburgh, college towns, the Lehigh Valley, and a long tradition of Section 8 and small multifamily rentals. Property taxes vary widely by county and school district.
Why DSCR fits
Investors with 2–4 unit buildings and older homes can qualify on rent, and an LLC can hold each property without personal income verification.
Pennsylvania local market details
- Population (2020 Census): about 13.0 million
- Rental market overview: Philadelphia and Pittsburgh lead, with Allentown, Harrisburg, State College and Erie adding university and regional demand. Small multifamily and row homes are traditional investor products.
- Housing trends: Older housing stock and moderate prices in most regions, with rising values in Philadelphia and the Lehigh Valley. Property taxes vary widely by school district.
- Major employers: Comcast, Vanguard, Aramark, PNC, Highmark, Hershey, UPMC, PPG
- Hospitals and healthcare: UPMC, Penn Medicine, Jefferson Health, Children’s Hospital of Philadelphia, Geisinger
- Colleges and universities: University of Pennsylvania, Penn State, Carnegie Mellon, University of Pittsburgh, Temple, Drexel
- Malls and shopping: King of Prussia Mall, Monroeville Mall, Franklin Mills, Fashion District Philadelphia
- Attractions: Liberty Bell and Independence Hall, Hersheypark, Gettysburg, the Poconos, Fallingwater
Tennessee
State snapshot
No state tax on wages, Nashville’s growth, Memphis’s cash flow, and Smoky Mountain cabin rentals in Gatlinburg and Pigeon Forge.
Why DSCR fits
Investors can run a long-term strategy in Memphis or a short-term-rental strategy in the mountains, and DSCR underwrites either by the property’s income.
Tennessee local market details
- Population (2020 Census): about 6.9 million
- Rental market overview: Nashville, Memphis, Knoxville and Chattanooga lead demand, with Clarksville tied to Fort Campbell. The Smoky Mountains support a large cabin short-term-rental market.
- Housing trends: Nashville prices are high after strong growth, while Memphis offers lower entry prices and higher yields. There is no state tax on wages.
- Major employers: FedEx, HCA Healthcare, Nissan, Dollar General, Tractor Supply, Bridgestone Americas, Eastman, Volkswagen Chattanooga
- Hospitals and healthcare: Vanderbilt University Medical Center, Methodist Le Bonheur, St. Jude Children’s Research Hospital, Erlanger, UT Medical Center
- Colleges and universities: Vanderbilt University, University of Tennessee, Belmont University, Rhodes College, Middle Tennessee State
- Malls and shopping: Opry Mills, The Mall at Green Hills, CoolSprings Galleria, Wolfchase Galleria
- Attractions: Great Smoky Mountains National Park, Graceland, Grand Ole Opry, Broadway honky-tonks, Dollywood
Texas
State snapshot
No state income tax, big metros in Dallas-Fort Worth, Houston, Austin, and San Antonio, and military markets like Killeen and El Paso. Property taxes and insurance are significant costs, and newer communities may add MUD or PID charges that raise the monthly payment.
Why DSCR fits
Because taxes are high, DSCR’s full-PITIA approach shows whether a property truly cash flows, and investors can scale across metros with no property cap. We include hail, wind and flood insurance, plus any MUD, PID or HOA charges, so the ratio you see is the one we underwrite.
Priority state: we prioritize applications from Texas. If you have requirements in Texas, send them in and we can review them on priority.
Texas local market details
- Population (2020 Census): about 29.1 million
- Rental market overview: Houston, Dallas-Fort Worth, Austin and San Antonio lead one of the nation’s deepest rental markets, with El Paso and Killeen adding military demand. Build-to-rent and single-family rentals are widespread.
- Housing trends: Prices rose sharply, cooled in Austin, and remain high in many metros. Property taxes and insurance are high, and newer communities may add MUD or PID charges.
- Major employers: ExxonMobil, AT&T, Tesla, Dell, Texas Instruments, American Airlines, Oracle, USAA, H-E-B
- Hospitals and healthcare: Texas Medical Center (Houston), MD Anderson, Baylor Scott & White, Methodist, Parkland, UT Southwestern
- Colleges and universities: University of Texas at Austin, Texas A&M, Rice University, SMU, Baylor, University of Houston
- Malls and shopping: The Galleria (Houston), NorthPark Center (Dallas), Stonebriar Centre, The Domain (Austin), La Cantera (San Antonio)
- Attractions: The Alamo, San Antonio River Walk, NASA Johnson Space Center, Galveston beaches, Big Bend, State Fair of Texas
Colorado
State snapshot
Denver and the Front Range, university towns, and ski-area short-term rentals. Prices are higher, and HOA dues and local short-term-rental rules matter.
Why DSCR fits
Rent-based qualifying helps investors finance higher-priced homes and mountain properties without relying on personal income.
Colorado local market details
- Population (2020 Census): about 5.8 million
- Rental market overview: Denver and the Front Range (Aurora, Boulder, Fort Collins, Colorado Springs) lead demand, supported by technology, aerospace, military and university jobs. Mountain towns add short-term and seasonal rentals.
- Housing trends: Prices are high after a long run-up, and growth has cooled from its peak. HOA dues, insurance and local short-term-rental rules matter in the payment.
- Major employers: Ball Corporation, DaVita, Arrow Electronics, Lockheed Martin Space, Vail Resorts, Molson Coors
- Hospitals and healthcare: UCHealth, Denver Health, Children’s Hospital Colorado, Kaiser Permanente, CommonSpirit Health
- Colleges and universities: CU Boulder, Colorado State University, CU Denver, Colorado School of Mines, U.S. Air Force Academy
- Malls and shopping: Cherry Creek Shopping Center, Park Meadows, Southlands (Aurora), FlatIron Crossing
- Attractions: Rocky Mountain National Park, Red Rocks Amphitheatre, Aspen, Vail and Breckenridge ski resorts, Garden of the Gods
Growth and high-demand markets
Strong metros, military hubs, and popular rental destinations across the country.
Illinois
State snapshot
Chicago’s 2–4 unit buildings and neighborhoods, plus cash-flow markets like Rockford and Peoria. Property taxes are high, so the numbers need care.
Why DSCR fits
Small multifamily is a DSCR strength, since rent from every unit counts toward coverage and the loan can close in an LLC.
Illinois local market details
- Population (2020 Census): about 12.8 million
- Rental market overview: Chicago and its suburbs dominate, with Rockford, Peoria and Champaign adding affordable cash-flow markets. Two-to-four unit buildings are a classic investor product in Chicago neighborhoods.
- Housing trends: Price growth has been more modest than in many states, and property taxes are among the highest in the country. Neighborhood-level differences in Chicago are large.
- Major employers: McDonald’s, Abbott, Walgreens, Allstate, Exelon, Archer-Daniels-Midland, Deere (Moline), State Farm
- Hospitals and healthcare: Northwestern Medicine, Rush University Medical Center, University of Chicago Medicine, Advocate Health, OSF HealthCare
- Colleges and universities: University of Chicago, Northwestern, University of Illinois Urbana-Champaign, DePaul, Loyola, UIC
- Malls and shopping: Water Tower Place, Woodfield Mall (Schaumburg), Oakbrook Center, Westfield Old Orchard
- Attractions: Millennium Park, Navy Pier, Art Institute of Chicago, Wrigley Field, Starved Rock State Park
Connecticut
State snapshot
Hartford, New Haven, and Stamford rental demand, classic multi-family triple-deckers, and commuters and students tied to New York and Yale.
Why DSCR fits
Investors buying 2–4 family homes can qualify on the building’s combined rent rather than personal income.
Connecticut local market details
- Population (2020 Census): about 3.6 million
- Rental market overview: Hartford, New Haven, Stamford and Bridgeport anchor demand, with Yale, insurance and healthcare employers, and New York commuters. Multi-family triple-deckers are a common investor product.
- Housing trends: Inventory is tight and prices have been rising steadily. Property taxes are among the higher ones in the country, so the DSCR payment should use real tax figures.
- Major employers: The Hartford, Cigna, RTX (Pratt & Whitney), Electric Boat (Groton), Stanley Black & Decker, Synchrony
- Hospitals and healthcare: Yale New Haven Hospital, Hartford HealthCare, Connecticut Children’s
- Colleges and universities: Yale University, University of Connecticut, Wesleyan, Quinnipiac, Sacred Heart
- Malls and shopping: Westfarms (West Hartford), Stamford Town Center, Connecticut Post Mall (Milford), Crystal Mall (Waterford)
- Attractions: Mystic Seaport and Aquarium, Foxwoods and Mohegan Sun, Yale museums, Mark Twain House
New Jersey
State snapshot
Dense rental demand in Newark, Jersey City, and Paterson, New York City commuters, and lots of multi-family housing. Property taxes are among the highest in the country.
Why DSCR fits
High taxes are built into PITIA, so DSCR shows the true cash flow, and rent from 2–4 units can support larger loans.
New Jersey local market details
- Population (2020 Census): about 9.3 million
- Rental market overview: Newark, Jersey City, Paterson and Trenton anchor demand from New York and Philadelphia commuters. The Jersey Shore adds seasonal rentals, and multi-family housing is widespread.
- Housing trends: Prices are high with limited supply, and property taxes are among the highest in the nation. Because taxes sit inside PITIA, DSCR shows true cash flow.
- Major employers: Johnson & Johnson, Merck, Prudential Financial, Bristol Myers Squibb, ADP, Cognizant
- Hospitals and healthcare: RWJBarnabas Health, Hackensack Meridian Health, Atlantic Health, Penn Medicine Princeton Health
- Colleges and universities: Rutgers University, Princeton University, NJIT, Montclair State, Stevens Institute of Technology
- Malls and shopping: American Dream (East Rutherford), Garden State Plaza (Paramus), The Mall at Short Hills, Bridgewater Commons
- Attractions: Jersey Shore, Atlantic City boardwalk, Cape May, Liberty State Park, Six Flags Great Adventure
Virginia
State snapshot
Northern Virginia’s federal workforce, Hampton Roads military, Richmond’s growth, and college towns keep rentals full.
Why DSCR fits
Reliable tenants in government, military, and student housing help properties hit the coverage ratio, and DSCR avoids income paperwork for investors with complex finances.
Virginia local market details
- Population (2020 Census): about 8.6 million
- Rental market overview: Northern Virginia, Richmond and Hampton Roads (Norfolk, Virginia Beach) lead demand, with Charlottesville and Blacksburg adding university renters. Federal workers and military families keep many rentals full.
- Housing trends: Northern Virginia prices are high with continued strength, while Richmond and Hampton Roads have grown steadily. Data-center growth in Loudoun has lifted nearby demand.
- Major employers: Amazon (Arlington HQ2), Capital One, Northrop Grumman, Dominion Energy, Altria, Huntington Ingalls Industries, Booz Allen Hamilton
- Hospitals and healthcare: Inova, VCU Health, Sentara Healthcare, UVA Health, Carilion Clinic
- Colleges and universities: University of Virginia, Virginia Tech, William & Mary, Virginia Commonwealth University, George Mason University
- Malls and shopping: Tysons Corner Center, Fashion Centre at Pentagon City, Short Pump Town Center, Lynnhaven Mall
- Attractions: Colonial Williamsburg, Shenandoah National Park, Virginia Beach, Monticello, Blue Ridge Parkway
Michigan
State snapshot
Detroit and Grand Rapids bring low prices and high yields, Ann Arbor has university demand, and northern Michigan has lake-area vacation rentals.
Why DSCR fits
Low entry prices lift rent-to-payment ratios, making it easier to reach a strong DSCR.
Michigan local market details
- Population (2020 Census): about 10.1 million
- Rental market overview: Detroit, Grand Rapids, Ann Arbor, Lansing and Kalamazoo lead demand. Low entry prices produce high gross yields, and university towns add steady student demand.
- Housing trends: Prices are lower than the national average but have grown quickly in Grand Rapids and parts of metro Detroit. Detroit neighborhoods vary widely.
- Major employers: General Motors, Ford, Stellantis, Dow, Whirlpool, Kellanova, Stryker, Meijer, Amway
- Hospitals and healthcare: Henry Ford Health, Corewell Health, Michigan Medicine, Trinity Health, Ascension Michigan
- Colleges and universities: University of Michigan, Michigan State University, Wayne State, Western Michigan University, Grand Valley State
- Malls and shopping: Somerset Collection (Troy), Briarwood Mall (Ann Arbor), Woodland Mall (Grand Rapids), Great Lakes Crossing
- Attractions: Mackinac Island, Pictured Rocks, Sleeping Bear Dunes, Detroit Institute of Arts, Traverse City
Kansas
State snapshot
Wichita, the Kansas City area, and college and Army communities like Manhattan and Fort Riley supply steady renters at low prices.
Why DSCR fits
Affordable homes and solid rents make coverage easier to reach, and DSCR works well for investors building a portfolio.
Kansas local market details
- Population (2020 Census): about 2.9 million
- Rental market overview: The Kansas City suburbs (Overland Park, Olathe), Wichita, Topeka and the college and Army towns of Lawrence and Manhattan supply steady renters at low prices.
- Housing trends: Prices are affordable and growth is steady, with the strongest demand in Johnson County. Many homes are older single-family properties.
- Major employers: Garmin (Olathe), Koch Industries, Spirit AeroSystems, Textron Aviation, Evergy, Fort Riley and Fort Leavenworth
- Hospitals and healthcare: University of Kansas Health System, Ascension Via Christi, Stormont Vail Health
- Colleges and universities: University of Kansas, Kansas State University, Wichita State University, Washburn University
- Malls and shopping: Oak Park Mall (Overland Park), Town Center Plaza (Leawood), Towne East Square (Wichita), Legends Outlets
- Attractions: Flint Hills, Sedgwick County Zoo, Kansas Speedway, Cosmosphere (Hutchinson)
Kentucky
State snapshot
Louisville, Lexington, and Northern Kentucky near Cincinnati, plus Army-post communities, offer affordable homes and steady rent.
Why DSCR fits
Modest prices and consistent demand support strong rent-to-payment ratios on single-family and small multifamily rentals.
Kentucky local market details
- Population (2020 Census): about 4.5 million
- Rental market overview: Louisville, Lexington and Northern Kentucky are the main markets, with Bowling Green and Army-post towns near Fort Knox and Fort Campbell adding steady renters.
- Housing trends: Prices are affordable and appreciation moderate. Lower purchase prices help rent-to-payment ratios on single-family and small multifamily rentals.
- Major employers: Humana, Yum! Brands, UPS Worldport (Louisville), Ford Louisville plants, GE Appliances, Toyota (Georgetown), Brown-Forman
- Hospitals and healthcare: Norton Healthcare, UofL Health, UK HealthCare, Baptist Health
- Colleges and universities: University of Kentucky, University of Louisville, Western Kentucky University, Centre College
- Malls and shopping: Mall St. Matthews, Oxmoor Center, Fayette Mall (Lexington), Florence Mall
- Attractions: Churchill Downs and the Kentucky Derby, Mammoth Cave, Bourbon Trail, Louisville Slugger Museum, Red River Gorge
Louisiana
State snapshot
New Orleans, Baton Rouge’s LSU market, and Lafayette. Insurance and flood risk are major costs, and New Orleans short-term-rental rules are strict.
Why DSCR fits
DSCR’s full-PITIA math accounts for insurance up front, and investors can qualify on long-term rent rather than rely on short-term rules.
Louisiana local market details
- Population (2020 Census): about 4.7 million
- Rental market overview: New Orleans, Baton Rouge, Lafayette and Shreveport lead demand, with LSU and the energy and port economy supporting tenants. New Orleans regulates short-term rentals strictly.
- Housing trends: Prices are moderate, but insurance costs and flood risk are major factors in the payment. Hurricane exposure affects both insurance availability and underwriting.
- Major employers: Entergy, Ochsner Health, Shell Norco, Lamar Advertising, Turner Industries, LNG and petrochemical operations
- Hospitals and healthcare: Ochsner Health, Our Lady of the Lake, Tulane Medical Center, LSU Health
- Colleges and universities: Louisiana State University, Tulane University, Loyola New Orleans, Southern University, University of Louisiana at Lafayette
- Malls and shopping: Lakeside Shopping Center (Metairie), Mall of Louisiana (Baton Rouge), Riverwalk Marketplace
- Attractions: French Quarter, Mardi Gras, Jazz Fest, National WWII Museum, Cajun country, Avery Island
Minnesota
State snapshot
The Twin Cities, Rochester’s Mayo Clinic workforce, and college towns support rental demand through cold winters.
Why DSCR fits
Employment-driven tenant demand and multifamily options suit rent-based underwriting.
Minnesota local market details
- Population (2020 Census): about 5.7 million
- Rental market overview: The Twin Cities lead, with Rochester, Duluth and St. Cloud adding healthcare, university and regional renters. Demand holds through cold winters. St. Paul has a rent-stabilization ordinance.
- Housing trends: Prices are moderate and steady, with tight inventory in the metro. Property taxes are meaningful and vary by city.
- Major employers: UnitedHealth Group, Target, 3M, Best Buy, U.S. Bancorp, General Mills, Medtronic, Cargill
- Hospitals and healthcare: Mayo Clinic, Allina Health, M Health Fairview, HealthPartners, Children’s Minnesota
- Colleges and universities: University of Minnesota, Carleton College, St. Olaf College, Macalester College, University of St. Thomas
- Malls and shopping: Mall of America (Bloomington), Southdale Center (Edina), Rosedale Center, Ridgedale Center
- Attractions: Boundary Waters, Minnehaha Falls, North Shore of Lake Superior, Minneapolis chain of lakes, Walker Art Center
Mississippi
State snapshot
Very low home prices, Gulf Coast communities, and university towns like Oxford and Starkville.
Why DSCR fits
Low purchase prices can produce high rent-to-price ratios, which helps meet DSCR on affordable single-family rentals.
Mississippi local market details
- Population (2020 Census): about 3.0 million
- Rental market overview: Jackson, the Gulf Coast (Gulfport, Biloxi), Hattiesburg, Oxford and Starkville offer affordable rentals with university, military and casino-related demand. Southaven draws Memphis commuters.
- Housing trends: Home prices are among the lowest in the country, which can produce high rent-to-price ratios. Insurance costs on the Gulf Coast need careful review.
- Major employers: Ingalls Shipbuilding (Pascagoula), Cal-Maine Foods, Sanderson Farms, Nissan (Canton), Toyota (Blue Springs), Entergy Mississippi, Keesler Air Force Base
- Hospitals and healthcare: University of Mississippi Medical Center, Baptist Memorial Health Care, Memorial Hospital at Gulfport, Singing River Health
- Colleges and universities: University of Mississippi (Ole Miss), Mississippi State University, University of Southern Mississippi, Jackson State
- Malls and shopping: Dogwood Festival Market (Flowood), Edgewater Mall (Biloxi), Turtle Creek Mall (Hattiesburg), The Outlets at Pearl
- Attractions: Gulf Coast beaches and casinos, Natchez antebellum homes, Vicksburg National Military Park, Mississippi Blues Trail, Oxford Square
Nevada
State snapshot
No state income tax, Las Vegas and Reno growth, and strong renter demand. Short-term-rental rules are tight, especially in Las Vegas.
Why DSCR fits
Investors can qualify on long-term rent and keep LLC ownership, with no personal income documentation.
Nevada local market details
- Population (2020 Census): about 3.1 million
- Rental market overview: Las Vegas and Henderson dominate, with Reno-Sparks growing on logistics and manufacturing jobs. Hospitality workers and in-migration keep renter demand high. Short-term-rental rules are strict in Las Vegas.
- Housing trends: Prices are high after rapid growth and in-migration, with no state income tax attracting new residents. HOA communities are common.
- Major employers: MGM Resorts, Caesars Entertainment, Las Vegas Sands, Wynn Resorts, Tesla and Panasonic (Storey County), Switch
- Hospitals and healthcare: Sunrise Hospital, University Medical Center, Renown Health, Valley Health System
- Colleges and universities: UNLV, University of Nevada Reno, Nevada State University, College of Southern Nevada
- Malls and shopping: Fashion Show Mall, The Forum Shops at Caesars, Downtown Summerlin, Meadows Mall
- Attractions: Las Vegas Strip, Lake Tahoe, Hoover Dam, Red Rock Canyon, Sphere
New York
State snapshot
New York City multifamily, plus upstate cash-flow cities like Buffalo, Rochester, and Syracuse. Rent regulations apply in parts of the city.
Why DSCR fits
Upstate yields and downstate multifamily both fit rent-based underwriting, and an LLC can hold the property.
New York local market details
- Population (2020 Census): about 20.2 million
- Rental market overview: New York City is the nation’s largest rental market, with rent regulations covering many units, while upstate cities such as Buffalo, Rochester, Syracuse and Albany offer cash-flow markets. State tenant protections, including Good Cause Eviction, affect some rentals.
- Housing trends: Downstate prices are among the highest in the country, while upstate prices are far lower. Upstate markets have seen strong recent appreciation.
- Major employers: JPMorgan Chase, Goldman Sachs, Citigroup, IBM, Corning, Pfizer, Verizon, Wegmans
- Hospitals and healthcare: NewYork-Presbyterian, NYU Langone, Mount Sinai, Northwell Health, Roswell Park, Strong Memorial
- Colleges and universities: Columbia University, NYU, Cornell, University of Rochester, SUNY and CUNY campuses
- Malls and shopping: Roosevelt Field, Walden Galleria (Buffalo), Destiny USA (Syracuse), Woodbury Common Premium Outlets
- Attractions: Statue of Liberty, Central Park, Times Square, Niagara Falls, Adirondacks, Finger Lakes
South Carolina
State snapshot
Charleston, Myrtle Beach, and Greenville growth, coastal vacation rentals, and military communities.
Why DSCR fits
A mix of vacation and long-term rentals gives investors flexible strategies, all underwritten by property income.
South Carolina local market details
- Population (2020 Census): about 5.1 million
- Rental market overview: Charleston, Greenville-Spartanburg, Columbia, and Myrtle Beach lead demand, with Hilton Head and the coast supporting vacation rentals and Fort Jackson adding military renters.
- Housing trends: Strong in-migration has kept prices climbing, especially on the coast. Coastal insurance and flood costs need careful review.
- Major employers: Boeing South Carolina, BMW (Spartanburg), Michelin North America, Volvo Cars, Prisma Health, MUSC, Blackbaud
- Hospitals and healthcare: MUSC Health, Prisma Health, Roper St. Francis Healthcare, McLeod Health
- Colleges and universities: University of South Carolina, Clemson University, College of Charleston, The Citadel, Furman
- Malls and shopping: Haywood Mall (Greenville), Columbiana Centre, Tanger Outlets (Myrtle Beach), Citadel Mall
- Attractions: Charleston historic district, Myrtle Beach, Hilton Head Island, Fort Sumter, Congaree National Park
Washington
State snapshot
Seattle, Tacoma, and Spokane demand, no state wage income tax, and higher prices in the Puget Sound region.
Why DSCR fits
Rent-based qualifying helps investors finance pricier property, and Spokane offers lower entry points.
Washington local market details
- Population (2020 Census): about 7.7 million
- Rental market overview: Seattle, Bellevue, Tacoma and Spokane lead demand, with Joint Base Lewis-McChord adding military renters. Technology and aerospace jobs support high rents in the Puget Sound.
- Housing trends: Prices are very high around Seattle and Bellevue, while Spokane and Vancouver have seen rapid growth from a lower base. There is no state wage income tax.
- Major employers: Amazon, Microsoft, Boeing, Starbucks, Costco, Nordstrom, Expedia, Alaska Airlines
- Hospitals and healthcare: UW Medicine, Swedish Health Services, MultiCare, Providence, Virginia Mason Franciscan
- Colleges and universities: University of Washington, Washington State University, Gonzaga, Seattle University, Western Washington University
- Malls and shopping: Westfield Southcenter, Bellevue Square, University Village, Northgate, Spokane Valley Mall
- Attractions: Space Needle, Pike Place Market, Mount Rainier, Olympic National Park, San Juan Islands
West Virginia
State snapshot
Among the lowest home prices in the country, Morgantown’s WVU market, and outdoor tourism near the New River Gorge.
Why DSCR fits
Low prices and student or tourist rent can deliver strong coverage on small purchases.
West Virginia local market details
- Population (2020 Census): about 1.8 million
- Rental market overview: Charleston, Huntington, Morgantown and the Eastern Panhandle (Martinsburg, Charles Town) lead demand. WVU and Marshall drive student rentals, and the Panhandle benefits from Washington, D.C. commuters.
- Housing trends: Home prices are among the lowest in the country, and growth is slow outside the Panhandle and Morgantown. Low prices can support strong rent coverage on small purchases.
- Major employers: WVU Medicine, Viatris (Morgantown), Toyota Motor Manufacturing West Virginia, Appalachian Power, energy and chemical employers
- Hospitals and healthcare: WVU Medicine, Charleston Area Medical Center, Cabell Huntington Hospital, Mon Health
- Colleges and universities: West Virginia University, Marshall University, Shepherd University, Fairmont State
- Malls and shopping: Charleston Town Center, Huntington Mall (Barboursville), Morgantown Mall, Grand Central Mall (Parkersburg)
- Attractions: New River Gorge National Park, Harpers Ferry, Snowshoe Mountain, Blackwater Falls, The Greenbrier
Wisconsin
State snapshot
Milwaukee’s 2–4 unit buildings, Madison’s university demand, and Green Bay’s steady economy.
Why DSCR fits
Small multifamily rent counts toward DSCR, and affordable prices help the ratio.
Wisconsin local market details
- Population (2020 Census): about 5.9 million
- Rental market overview: Milwaukee and Madison lead demand, with Green Bay, Appleton and Eau Claire adding healthcare, manufacturing and university renters. Milwaukee’s duplexes and small buildings are classic investor products.
- Housing trends: Prices have risen steadily with tight inventory, and Madison is the priciest market. Property taxes vary by municipality.
- Major employers: Northwestern Mutual, Harley-Davidson, Johnson Controls, Kohl’s, Rockwell Automation, Oshkosh, Epic Systems, Kimberly-Clark
- Hospitals and healthcare: Froedtert Hospital, Advocate Aurora Health, UW Health, Marshfield Clinic, Children’s Wisconsin
- Colleges and universities: University of Wisconsin-Madison, Marquette University, UW-Milwaukee, Lawrence University
- Malls and shopping: Mayfair Mall (Wauwatosa), Bayshore Mall, West Towne Mall (Madison), Fox River Mall (Appleton)
- Attractions: Lambeau Field, Wisconsin Dells, Door County, Milwaukee Art Museum, House on the Rock
Wyoming
State snapshot
No state income tax, small markets in Cheyenne, Casper, and Laramie, and high-priced resort rentals in Jackson.
Why DSCR fits
Out-of-state investors and LLCs can finance rentals on property income, with no income verification.
Wyoming local market details
- Population (2020 Census): about 577,000
- Rental market overview: Cheyenne, Casper, Laramie, Gillette and Jackson are the main markets. F.E. Warren Air Force Base, the University of Wyoming and the energy sector support renters, and Teton County is a high-priced resort market.
- Housing trends: Prices are modest in most of the state and extremely high in Jackson. There is no state income tax, which attracts out-of-state investors.
- Major employers: F.E. Warren Air Force Base, data centers in Cheyenne, energy and coal companies in the Powder River Basin, Union Pacific, tourism employers in Teton County
- Hospitals and healthcare: Cheyenne Regional Medical Center, Wyoming Medical Center (Casper), St. John’s Health (Jackson), Ivinson Memorial Hospital
- Colleges and universities: University of Wyoming, Casper College, Laramie County Community College
- Malls and shopping: Frontier Mall (Cheyenne), Eastridge Mall (Casper)
- Attractions: Yellowstone National Park, Grand Teton National Park, Jackson Hole, Devils Tower, Cheyenne Frontier Days
Indiana
State snapshot
Indianapolis, Fort Wayne, and college towns like Bloomington and South Bend, with constitutional property-tax caps.
Why DSCR fits
Capped property taxes keep PITIA predictable, and Midwest rents hold up well against affordable prices.
Indiana local market details
- Population (2020 Census): about 6.8 million
- Rental market overview: Indianapolis leads, with Fort Wayne, Evansville, South Bend and the college markets of Bloomington and West Lafayette adding steady renters. Midwest rents hold up well against low prices.
- Housing trends: Prices are affordable and appreciation has been steady. Constitutional property-tax caps keep tax bills more predictable.
- Major employers: Eli Lilly, Elevance Health, Cummins, Roche Diagnostics, Subaru of Indiana, Steel Dynamics, Zimmer Biomet
- Hospitals and healthcare: IU Health, Community Health Network, Franciscan Health, Parkview Health, Eskenazi Health
- Colleges and universities: Indiana University, Purdue University, University of Notre Dame, Ball State, Butler University
- Malls and shopping: Circle Centre (Indianapolis), Castleton Square, Fashion Mall at Keystone, Glenbrook Square (Fort Wayne)
- Attractions: Indianapolis Motor Speedway, Children’s Museum of Indianapolis, Indiana Dunes, Notre Dame campus
Maine
State snapshot
Portland, coastal and lake vacation rentals, and limited inventory. Short-term-rental rules vary by town.
Why DSCR fits
DSCR can underwrite seasonal and year-round rentals by income, with local rules checked first.
Maine local market details
- Population (2020 Census): about 1.36 million
- Rental market overview: Portland and southern Maine lead demand, with Bangor, Lewiston and Augusta adding regional renters. Coastal and lake towns support seasonal rentals, and rules vary by town.
- Housing trends: Inventory is tight and prices have risen, helped by second-home and remote-work buyers. Older housing stock is common.
- Major employers: L.L.Bean (Freeport), Bath Iron Works, IDEXX Laboratories, Hannaford, WEX, Unum, Jackson Laboratory
- Hospitals and healthcare: Maine Medical Center, Northern Light Health, Central Maine Healthcare
- Colleges and universities: University of Maine, University of Southern Maine, Bowdoin College, Colby College, Bates College
- Malls and shopping: Maine Mall (South Portland), Auburn Mall, Bangor Mall, Freeport outlets
- Attractions: Acadia National Park, Portland Old Port, Portland Head Light, Kennebunkport, Moosehead Lake
Massachusetts
State snapshot
Boston-area multifamily, three-deckers, and college markets, plus Worcester and Springfield for lower entry prices.
Why DSCR fits
Multi-unit rent and high prices make rent-based qualifying useful, and an LLC can hold each property.
Massachusetts local market details
- Population (2020 Census): about 7.0 million
- Rental market overview: Greater Boston dominates, with Worcester, Springfield and Lowell offering lower entry prices. Students, healthcare staff and technology workers keep rental demand strong.
- Housing trends: Among the most expensive housing in the country, with very limited supply. Rents are high, and multi-unit properties and three-deckers are common investments.
- Major employers: Fidelity Investments, State Street, Liberty Mutual, Moderna, Vertex, Biogen, Boston Scientific
- Hospitals and healthcare: Mass General Brigham, Beth Israel Lahey Health, Boston Children’s Hospital, Dana-Farber, UMass Memorial
- Colleges and universities: Harvard, MIT, Boston University, Northeastern, UMass Amherst
- Malls and shopping: Copley Place, Prudential Center, Natick Mall, Burlington Mall, CambridgeSide
- Attractions: Freedom Trail, Fenway Park, Cape Cod, Salem, the Berkshires, Plymouth
More states we lend in
Every remaining state is covered too, from small markets to resort and college towns.
Alaska
State snapshot
Anchorage, Fairbanks, and military communities, plus seasonal tourism. Construction and living costs are high.
Why DSCR fits
Military and workforce renters provide steady income, and DSCR doesn’t depend on a borrower’s tax returns.
Alaska local market details
- Population (2020 Census): about 733,000
- Rental market overview: Rental demand centers on Anchorage, the Mat-Su Valley and Fairbanks, supported by military families, oil and gas workers, healthcare staff and seasonal tourism workers. Vacancies are usually low.
- Housing trends: Inventory is limited and construction costs are high, so prices are firm. Many homes are older, and heating and insurance costs matter in the DSCR math.
- Major employers: ConocoPhillips Alaska, Alyeska Pipeline, Providence Health, Alaska Native regional corporations, FedEx and UPS cargo hubs in Anchorage
- Hospitals and healthcare: Providence Alaska Medical Center, Alaska Native Medical Center, Fairbanks Memorial Hospital
- Colleges and universities: University of Alaska Anchorage, University of Alaska Fairbanks, Alaska Pacific University
- Malls and shopping: Dimond Center, 5th Avenue Mall (Anchorage), Bentley Mall (Fairbanks)
- Attractions: Denali National Park, Kenai Fjords, glacier and cruise tourism, the Iditarod, Chugach State Park
Arizona
State snapshot
Phoenix and Tucson growth, college towns, and Scottsdale-area short-term rentals. Local short-term-rental rules apply.
Why DSCR fits
Fast-growing metros and strong rental demand support DSCR, with room for long-term and short-term strategies.
Arizona local market details
- Population (2020 Census): about 7.2 million
- Rental market overview: The Phoenix metro (Mesa, Tempe, Scottsdale, Chandler, Gilbert) leads demand, with Tucson and Flagstaff adding student and military renters. Winter visitors support seasonal and short-term rentals.
- Housing trends: Prices rose quickly after 2020 and remain high, with continued growth and many new build-to-rent communities. Property taxes are moderate, and HOA dues are common.
- Major employers: Intel (Chandler), TSMC (Phoenix), Banner Health, Honeywell, Freeport-McMoRan, Amazon, Wells Fargo operations
- Hospitals and healthcare: Banner Health, HonorHealth, Mayo Clinic Arizona, Dignity Health
- Colleges and universities: Arizona State University, University of Arizona, Northern Arizona University, Grand Canyon University
- Malls and shopping: Scottsdale Fashion Square, Biltmore Fashion Park, Arizona Mills, Tucson Mall
- Attractions: Grand Canyon, Sedona, Desert Botanical Garden, spring training baseball, Saguaro National Park
Arkansas
State snapshot
Little Rock and the Northwest Arkansas corridor around Bentonville and Fayetteville, fueled by major employers and a university.
Why DSCR fits
Corporate and student demand with moderate prices support rent coverage.
Arkansas local market details
- Population (2020 Census): about 3.0 million
- Rental market overview: Northwest Arkansas (Bentonville, Rogers, Fayetteville) and Little Rock are the main rental markets, backed by corporate headquarters, a flagship university and logistics employers.
- Housing trends: Prices are moderate by national standards but have risen quickly in Northwest Arkansas. Newer construction there is strong, while central and eastern Arkansas stay very affordable.
- Major employers: Walmart (Bentonville), Tyson Foods (Springdale), J.B. Hunt (Lowell), Dillard’s (Little Rock), Arkansas Best, Baptist Health
- Hospitals and healthcare: UAMS, Baptist Health, Washington Regional, Mercy Northwest Arkansas, Arkansas Children’s
- Colleges and universities: University of Arkansas, University of Central Arkansas, Arkansas State University, UA Little Rock
- Malls and shopping: Pinnacle Hills Promenade (Rogers), Park Plaza (Little Rock), McCain Mall (North Little Rock), Northwest Arkansas Mall (Fayetteville)
- Attractions: Crystal Bridges Museum of American Art, Hot Springs National Park, Buffalo National River, Ozark Mountains trails
Delaware
State snapshot
Wilmington’s finance jobs, beach rentals near Rehoboth, the University of Delaware, and relatively low property taxes.
Why DSCR fits
Lower taxes help PITIA, and investors can hold properties in LLCs or other entities.
Delaware local market details
- Population (2020 Census): about 990,000
- Rental market overview: Wilmington, Dover and Newark (University of Delaware) provide year-round tenants, while the Rehoboth, Bethany and Lewes beach towns drive vacation and seasonal rentals.
- Housing trends: Prices are firm, especially near the beaches, and Delaware has relatively low property taxes. New construction is active in Sussex County.
- Major employers: Chemours, DuPont, JPMorgan Chase, Capital One, ChristianaCare, Dover Air Force Base
- Hospitals and healthcare: ChristianaCare, Nemours Children’s Health, Bayhealth, Beebe Healthcare
- Colleges and universities: University of Delaware, Delaware State University, Wilmington University
- Malls and shopping: Christiana Mall (Newark), Dover Mall, Tanger Outlets Rehoboth Beach
- Attractions: Rehoboth Beach boardwalk, Cape Henlopen State Park, Hagley Museum, Delaware Seashore State Park
Hawaii
State snapshot
Very high prices, military housing demand, and strict short-term-rental rules in many areas.
Why DSCR fits
Rent-based qualifying helps with large loans, but check local rules and expect a larger down payment.
Hawaii local market details
- Population (2020 Census): about 1.46 million
- Rental market overview: Honolulu on Oahu is the core market, supported by military housing demand at Pearl Harbor-Hickam and Schofield Barracks. Neighbor-island rentals depend heavily on tourism and local short-term-rental rules.
- Housing trends: Prices are among the highest in the nation and supply is tight. Larger down payments are common, and county rules on short-term rentals vary.
- Major employers: Hawaiian Electric, Bank of Hawaii, First Hawaiian Bank, Matson, Alaska Airlines (Hawaiian), U.S. military installations
- Hospitals and healthcare: The Queen’s Medical Center, Kapiolani Medical Center, Straub Medical Center, Kaiser Permanente
- Colleges and universities: University of Hawaii at Manoa, Hawaii Pacific University, BYU-Hawaii, Chaminade University
- Malls and shopping: Ala Moana Center, Pearlridge Center, International Market Place, Ward Village
- Attractions: Waikiki, Pearl Harbor memorials, Diamond Head, Haleakala, Hawaii Volcanoes National Park, North Shore
Idaho
State snapshot
Boise’s growth, Coeur d’Alene, and Idaho Falls, driven by in-migration.
Why DSCR fits
Strong demand and out-of-state investors fit DSCR, which doesn’t need local income documentation.
Idaho local market details
- Population (2020 Census): about 1.84 million
- Rental market overview: Boise, Meridian and Nampa lead demand, with Coeur d’Alene and Idaho Falls adding resort and regional jobs. Strong in-migration has kept rental demand high.
- Housing trends: Prices rose sharply from in-migration and have strained affordability, with growth now cooling. New subdivisions around the Treasure Valley are active.
- Major employers: Micron Technology (Boise), Albertsons, Idaho Power, J.R. Simplot, HP Boise campus, Chobani (Twin Falls)
- Hospitals and healthcare: St. Luke’s Health System, Saint Alphonsus, Kootenai Health
- Colleges and universities: Boise State University, University of Idaho, Idaho State University, BYU-Idaho
- Malls and shopping: Boise Towne Square, The Village at Meridian, Silver Lake Mall (Coeur d’Alene)
- Attractions: Sun Valley, Shoshone Falls, Lake Coeur d’Alene, Sawtooth Mountains, Craters of the Moon
Iowa
State snapshot
Des Moines, Cedar Rapids, Iowa City, and Ames offer steady jobs and student demand at moderate prices.
Why DSCR fits
Moderate prices and consistent rents support coverage.
Iowa local market details
- Population (2020 Census): about 3.2 million
- Rental market overview: Des Moines, Cedar Rapids, the Quad Cities, Iowa City and Ames offer stable employment and student renters. Vacancy is generally low in the university towns.
- Housing trends: Prices are moderate and steady, with limited volatility. Property taxes vary by county, so real figures matter.
- Major employers: Principal Financial, Casey’s, Collins Aerospace (Cedar Rapids), John Deere plants, Pella, Wells Fargo, Nationwide
- Hospitals and healthcare: University of Iowa Health Care, MercyOne, UnityPoint Health
- Colleges and universities: University of Iowa, Iowa State University, University of Northern Iowa, Drake University
- Malls and shopping: Jordan Creek Town Center (West Des Moines), Coral Ridge Mall (Coralville), Lindale Mall (Cedar Rapids)
- Attractions: Iowa State Fair, Field of Dreams (Dyersville), Amana Colonies, Okoboji lakes
Missouri
State snapshot
Kansas City, St. Louis, Springfield, and Lake of the Ozarks vacation rentals.
Why DSCR fits
Mixed urban and vacation markets give investors flexibility, all qualified on rent.
Missouri local market details
- Population (2020 Census): about 6.2 million
- Rental market overview: Kansas City and St. Louis lead, with Springfield, Columbia and the Lake of the Ozarks and Branson vacation markets adding variety. Fort Leonard Wood adds military renters.
- Housing trends: Prices are affordable and appreciation steady, with the strongest rent-to-price ratios in older city neighborhoods and smaller metros.
- Major employers: Centene, Emerson, Edward Jones, Anheuser-Busch, Oracle Health (Kansas City), H&R Block, Boeing (St. Louis), Hallmark, Bass Pro Shops
- Hospitals and healthcare: BJC HealthCare, Mercy, SSM Health, Saint Luke’s Health System, Children’s Mercy
- Colleges and universities: University of Missouri, Washington University in St. Louis, Saint Louis University, Missouri State, UMKC
- Malls and shopping: St. Louis Galleria, West County Center, Country Club Plaza (Kansas City), Crown Center, Battlefield Mall (Springfield)
- Attractions: Gateway Arch, Branson shows, Lake of the Ozarks, Kauffman Stadium and Arrowhead Stadium, Silver Dollar City
Montana
State snapshot
Bozeman, Missoula, Billings, and resort-area rentals near Big Sky, with strong tourism and no sales tax.
Why DSCR fits
Tourism-driven properties and long-term rentals can be underwritten on property income.
Montana local market details
- Population (2020 Census): about 1.08 million
- Rental market overview: Billings, Missoula, Bozeman and Kalispell lead demand, supported by healthcare, universities and tourism. Resort areas such as Big Sky and Whitefish rely on seasonal and short-term rentals.
- Housing trends: Prices have risen sharply, especially in Bozeman and the resort towns, driven by in-migration and second-home buyers. Affordability is a challenge for locals.
- Major employers: First Interstate BancSystem, NorthWestern Energy, Billings Clinic, Intermountain Health, tourism and outdoor-industry employers
- Hospitals and healthcare: Billings Clinic, Intermountain Health St. Vincent, Bozeman Health, Providence St. Patrick Hospital
- Colleges and universities: University of Montana, Montana State University, Montana Technological University, Rocky Mountain College
- Malls and shopping: Rimrock Mall (Billings), Southgate Mall (Missoula), Gallatin Valley Mall (Bozeman)
- Attractions: Glacier National Park, Yellowstone gateway towns, Big Sky Resort, Flathead Lake, Whitefish Mountain Resort
Nebraska
State snapshot
Omaha, Lincoln, and Offutt Air Force Base provide stable employers and renters.
Why DSCR fits
Stable demand supports rent coverage, and DSCR works well for portfolio investors.
Nebraska local market details
- Population (2020 Census): about 1.96 million
- Rental market overview: Omaha and Lincoln lead demand, with Bellevue near Offutt Air Force Base and Grand Island and Kearney adding regional renters. Vacancy tends to be modest.
- Housing trends: Prices are affordable and stable. Property taxes are relatively high, so actual tax figures are important for DSCR.
- Major employers: Berkshire Hathaway, Union Pacific, Mutual of Omaha, Kiewit, Werner Enterprises, Nelnet, Offutt Air Force Base
- Hospitals and healthcare: Nebraska Medicine, CHI Health, Methodist Health System, Bryan Health
- Colleges and universities: University of Nebraska-Lincoln, University of Nebraska Omaha, Creighton University, University of Nebraska Medical Center
- Malls and shopping: Westroads Mall (Omaha), Oakview Mall, Gateway Mall (Lincoln), Village Pointe
- Attractions: Henry Doorly Zoo, College World Series (Omaha), Old Market, Chimney Rock, Sandhills
New Hampshire
State snapshot
No broad state income tax on wages, Manchester and Nashua, the Seacoast, and lake-area rentals.
Why DSCR fits
Investors can qualify on rent, and tight inventory makes a fast closing valuable.
New Hampshire local market details
- Population (2020 Census): about 1.38 million
- Rental market overview: Manchester, Nashua, Portsmouth and Concord lead demand, helped by Massachusetts commuters and the seacoast economy. Lake and White Mountain areas support seasonal rentals.
- Housing trends: There is a severe housing shortage and prices are high. New Hampshire has no broad sales tax or wage income tax but high property taxes.
- Major employers: BAE Systems (Nashua), Fidelity Investments, Dartmouth Health, Hypertherm, Timberland, Liberty Mutual
- Hospitals and healthcare: Dartmouth-Hitchcock Medical Center, Elliot Hospital, Catholic Medical Center, Southern New Hampshire Medical Center
- Colleges and universities: University of New Hampshire, Dartmouth College, Southern New Hampshire University, Keene State
- Malls and shopping: Mall of New Hampshire (Manchester), Pheasant Lane Mall (Nashua), Fox Run Mall (Newington)
- Attractions: White Mountains, Mount Washington, Lake Winnipesaukee, Portsmouth seacoast, Hampton Beach
New Mexico
State snapshot
Albuquerque, Santa Fe, Las Cruces, and nearby military bases.
Why DSCR fits
Moderate prices and steady military and university demand support DSCR.
New Mexico local market details
- Population (2020 Census): about 2.1 million
- Rental market overview: Albuquerque, Rio Rancho, Santa Fe and Las Cruces lead demand, supported by national laboratories, military bases and universities. Santa Fe and Taos add tourist and second-home rentals.
- Housing trends: Prices are moderate and have risen steadily. The state sees solid renter demand from lab and defense employees.
- Major employers: Sandia National Laboratories, Los Alamos National Laboratory, Intel (Rio Rancho), Presbyterian Healthcare Services, PNM Resources, Kirtland Air Force Base
- Hospitals and healthcare: UNM Hospital, Presbyterian Hospital, Lovelace Health System, Christus St. Vincent
- Colleges and universities: University of New Mexico, New Mexico State University, New Mexico Tech, St. John’s College
- Malls and shopping: Coronado Center, Cottonwood Mall, Mesilla Valley Mall, Santa Fe Place
- Attractions: Santa Fe Plaza, Taos Pueblo, White Sands National Park, Carlsbad Caverns, Albuquerque Balloon Fiesta
North Dakota
State snapshot
Fargo’s university and healthcare economy and Bismarck, with energy-sector swings.
Why DSCR fits
Rent-based qualifying works for investors in smaller markets without income documentation.
North Dakota local market details
- Population (2020 Census): about 779,000
- Rental market overview: Fargo, Bismarck, Grand Forks and Minot lead demand, supported by universities, healthcare, agriculture and two Air Force bases. Oil activity in the Bakken affects Williston and western markets.
- Housing trends: Prices are affordable and stable in the east, with energy-cycle swings in the west. Fargo has seen steady growth.
- Major employers: Doosan Bobcat, Microsoft (Fargo campus), Sanford Health, Essentia Health, Basin Electric, Bell Bank
- Hospitals and healthcare: Sanford Health, Essentia Health, Altru Health System, CHI St. Alexius Health
- Colleges and universities: North Dakota State University, University of North Dakota, Minot State University, University of Mary
- Malls and shopping: West Acres Mall (Fargo), Kirkwood Mall (Bismarck), Columbia Mall (Grand Forks), Dakota Square Mall (Minot)
- Attractions: Theodore Roosevelt National Park, Medora, Lake Sakakawea, Fargo Theatre, International Peace Garden
Oklahoma
State snapshot
Oklahoma City, Tulsa, and military and university towns offer affordable homes.
Why DSCR fits
Low prices and steady rents help investors reach healthy coverage.
Oklahoma local market details
- Population (2020 Census): about 4.0 million
- Rental market overview: Oklahoma City and Tulsa lead demand, with Norman, Stillwater and Lawton adding university and military renters at Fort Sill and Tinker Air Force Base.
- Housing trends: Prices are among the more affordable in the country, helping rent coverage. Growth has been steady, and storm and hail insurance costs deserve attention.
- Major employers: Devon Energy, Williams, ONEOK, Love’s Travel Stops, Paycom, Hobby Lobby, Tinker Air Force Base
- Hospitals and healthcare: OU Health, Saint Francis Health System, INTEGRIS Health, Mercy Hospital Oklahoma City
- Colleges and universities: University of Oklahoma, Oklahoma State University, University of Tulsa, University of Central Oklahoma
- Malls and shopping: Penn Square Mall, Utica Square, Woodland Hills Mall, Quail Springs Mall
- Attractions: Oklahoma City National Memorial, Bricktown, Gathering Place (Tulsa), Philbrook Museum, Route 66
Oregon
State snapshot
Portland, Eugene, and Bend, with statewide tenant protections and rent-increase limits.
Why DSCR fits
DSCR underwrites rent as it really is, which matters when rent growth is regulated. Check local rules.
Oregon local market details
- Population (2020 Census): about 4.2 million
- Rental market overview: Portland leads demand, with Eugene, Salem, Bend and Medford adding university and resort renters. State law caps annual rent increases for many buildings.
- Housing trends: Prices are high in Portland and Bend. The market has cooled from its peak, and statewide tenant protections apply, so DSCR underwriting should use realistic rent.
- Major employers: Nike, Intel (Hillsboro), Columbia Sportswear, Providence Health, Legacy Health, Daimler Truck, Precision Castparts
- Hospitals and healthcare: OHSU, Providence Health, Legacy Health, Kaiser Permanente, St. Charles Health System
- Colleges and universities: University of Oregon, Oregon State University, Portland State University, Reed College
- Malls and shopping: Washington Square (Tigard), Lloyd Center, Clackamas Town Center, Pioneer Place
- Attractions: Crater Lake, Columbia River Gorge, Oregon Coast, Mount Hood, Powell’s Books
Rhode Island
State snapshot
Providence, college-driven demand, and Newport’s coastal rentals in a small, dense market.
Why DSCR fits
Multi-family rentals held in an LLC fit DSCR financing for small-market investors.
Rhode Island local market details
- Population (2020 Census): about 1.1 million
- Rental market overview: Providence and the Warwick-Cranston area lead demand, with Brown, RISD and other colleges and the Newport coast adding student and seasonal renters in a dense, small market.
- Housing trends: Inventory is tight and prices have risen. Multi-family housing is common, and an LLC often holds each property.
- Major employers: CVS Health, Citizens Financial Group, Textron, Amica Mutual, Electric Boat (Quonset)
- Hospitals and healthcare: Brown University Health (Lifespan), Care New England, Women & Infants Hospital
- Colleges and universities: Brown University, Rhode Island School of Design, University of Rhode Island, Providence College, Johnson & Wales
- Malls and shopping: Providence Place, Warwick Mall, Garden City Center
- Attractions: Newport mansions and Cliff Walk, WaterFire Providence, Block Island, Narragansett beaches
South Dakota
State snapshot
No state income tax, Sioux Falls’s growth, and Rapid City near Ellsworth Air Force Base.
Why DSCR fits
Out-of-state investors and LLCs can qualify on rent, with no income docs.
South Dakota local market details
- Population (2020 Census): about 887,000
- Rental market overview: Sioux Falls leads demand, with Rapid City, Aberdeen and Brookings adding military, healthcare and university renters. Ellsworth Air Force Base supports the western market.
- Housing trends: Sioux Falls has seen strong growth and price increases, while rural areas remain very affordable. There is no state income tax.
- Major employers: Sanford Health, Avera Health, Citibank and Wells Fargo operations, Smithfield (John Morrell), Daktronics, Ellsworth Air Force Base
- Hospitals and healthcare: Sanford USD Medical Center, Avera McKennan Hospital, Monument Health
- Colleges and universities: University of South Dakota, South Dakota State University, South Dakota Mines, Augustana University
- Malls and shopping: Empire Mall (Sioux Falls), Rushmore Mall (Rapid City)
- Attractions: Mount Rushmore, Badlands National Park, Black Hills, Custer State Park, Sturgis Motorcycle Rally
Utah
State snapshot
Salt Lake City and Provo growth, college demand, St. George, and Park City short-term rentals.
Why DSCR fits
Rapid growth and varied rental types fit rent-based underwriting.
Utah local market details
- Population (2020 Census): about 3.3 million
- Rental market overview: Salt Lake City, Provo-Orem, Ogden and St. George lead demand, supported by technology, finance, healthcare and several large universities. Park City and southern Utah add resort and tourist rentals.
- Housing trends: Prices rose very rapidly and affordability is stretched, with growth now cooler. New construction is active along the Wasatch Front.
- Major employers: Goldman Sachs (Salt Lake City), Intermountain Health, Zions Bancorporation, Adobe (Lehi), Delta Air Lines hub, Ancestry
- Hospitals and healthcare: Intermountain Health, University of Utah Health, Primary Children’s Hospital, St. George Regional
- Colleges and universities: University of Utah, Brigham Young University, Utah State University, Utah Valley University, Weber State
- Malls and shopping: City Creek Center, Fashion Place, University Place (Orem), The Gateway
- Attractions: Zion, Arches, Bryce Canyon and Canyonlands, Park City ski resorts, Temple Square, Great Salt Lake
Vermont
State snapshot
Burlington, ski-area rentals, and limited inventory in a small market.
Why DSCR fits
Seasonal and year-round rentals can be underwritten by income, with local rules reviewed.
Vermont local market details
- Population (2020 Census): about 643,000
- Rental market overview: Burlington and Chittenden County lead demand, with Montpelier, Rutland and ski towns such as Stowe and Killington adding seasonal rentals. The overall market is small, and vacancy is very low.
- Housing trends: Supply is limited and prices are high relative to local incomes, boosted by second-home buyers. Older homes and heating costs are common.
- Major employers: Keurig Dr Pepper (Waterbury), Ben & Jerry’s, Cabot Creamery, GlobalFoundries (Essex Junction), Burton Snowboards, Green Mountain Power
- Hospitals and healthcare: UVM Medical Center, Rutland Regional Medical Center, Central Vermont Medical Center
- Colleges and universities: University of Vermont, Middlebury College, Champlain College, Norwich University
- Malls and shopping: University Mall (South Burlington), Church Street Marketplace (Burlington), Berlin Mall
- Attractions: Stowe, Killington, Green Mountains, Lake Champlain, covered bridges
Alabama
State snapshot
Huntsville’s aerospace jobs, Birmingham, and Mobile, with some of the lowest property taxes in the country.
Why DSCR fits
Low taxes lift coverage ratios, and low prices make portfolio building easier.
Alabama local market details
- Population (2020 Census): about 5.0 million
- Rental market overview: Steady demand in Huntsville, Birmingham, Mobile, Auburn and Tuscaloosa, driven by aerospace, university, healthcare and port jobs. Tenants are a mix of students, engineers, and workers at the large auto plants.
- Housing trends: One of the more affordable states, with some of the lowest property taxes in the country. Huntsville has seen the fastest price growth, while smaller markets stay cheap.
- Major employers: Redstone Arsenal and NASA Marshall (Huntsville), Regions Financial, Southern Company, Mercedes-Benz (Vance), Hyundai (Montgomery), Airbus (Mobile)
- Hospitals and healthcare: UAB Hospital, Huntsville Hospital, Infirmary Health (Mobile)
- Colleges and universities: University of Alabama, Auburn University, UAB, University of Alabama in Huntsville, University of South Alabama
- Malls and shopping: Riverchase Galleria (Hoover), The Summit (Birmingham), Bridge Street Town Centre (Huntsville)
- Attractions: U.S. Space & Rocket Center, Gulf Shores beaches, Civil Rights sites in Birmingham, Montgomery and Selma, Lake Guntersville
State notes and local market details are general, approximate context, not guarantees or rate quotes. Population figures are rounded from the 2020 Census, and employers, hospitals, malls and attractions change over time. Taxes, insurance, HOA dues, and local rental rules vary by property. Confirm details for your specific deal.
Find the market where your deal pencils
We’ll match rent, DSCR, and your target LTV. Priority review for FL, TX, MD, GA, NC and OH.How we compare
CambridgeHomeLoan vs. top national DSCR lenders
Investors shopping for DSCR financing compare terms closely. Here’s how our nationwide program stacks up against terms commonly advertised by other national DSCR lenders. Where we lead, it’s highlighted.
| Feature | CambridgeHomeLoan | Top national lenders (typical) |
|---|---|---|
| Rates from | 5.75% | ~5.75–6.5%+ |
| Max LTV (purchase) | Up to 85% | Typically 80% (85% only for 740+ FICO, smaller loans) |
| Min DSCR | From 0.75x | 1.0 standard (0.75 with factors) |
| Min FICO | 620 | 620–640 |
| Max loan amount | $20M+ | Commonly $3M–$5M |
| Foreign nationals | Yes: LLC, entity & foreign nationals | Limited / program-dependent |
| Fastest closing | As fast as 14 days | Varies |
| Model | Direct lender since 1998 | Direct lender |
“Top national lenders” reflects terms commonly advertised across the DSCR market on publicly published program pages as of July 2026, subject to change. Typical ranges are shown for general comparison, not the terms of any single lender.
Beat national lender terms on your deal
Same-day tiered quote, no hard credit pull to start.Loan program
DSCR loan program at a glance (2026)
Representative 2026 market guidelines for underwriting context. Every deal is confirmed per property with a Form 1007 rent schedule and an actual insurance quote.
| Coverage | All 50 states, nationwide |
| Rates from | 5.75% (strongest profiles; subject to change) |
| Max LTV | Up to 85% (purchase) · up to 85% refinance · 80% cash-out |
| Min DSCR | 0.75x with compensating factors · no-ratio options |
| Min FICO | 620+ (best pricing 720–780+) |
| Loan amounts | $100K to $20 million+ · vest personal, LLC, or entity |
Approximate 2026 figures for illustration, not a guarantee of terms. Confirm current data for your specific property.
Underwrite your real numbers
Direct lender since 1998, with local underwriting, not a call center.Free tool
Rent & DSCR calculator
Enter the property’s monthly rent, loan terms, and carrying costs to estimate your DSCR (rent ÷ PITIA) and monthly cash flow. This tool is illustrative only. Your final DSCR is based on the appraiser’s Form 1007 rent and a quoted insurance premium.
Property & loan
Carrying costs
Illustrative only; not a rate quote or commitment to lend. We confirm rent with a Form 1007.
Like your numbers? Lock a real quote
Same-day tiered pricing, no hard credit pull to start.Worked example
A real DSCR scenario
A typical U.S. rental rents for $1,600 per month. On a $200,000 loan at roughly 7.25% over 30 years, principal and interest run about $1,364. Add property taxes (about $200 a month) and insurance (about $133 a month) and PITIA lands near $1,697, which is a DSCR of about 0.94x.
Midwest and Southeast cash-flow markets, military tenants, and short-term rentals often push that ratio past 1.0x, while coastal appreciation markets tend to lean on ADUs and short-term-rental income to close the gap. Local property taxes and insurance costs move DSCR the most. This example is illustrative only and is confirmed by a Form 1007 on your specific property.
Not sure your deal clears 1.0x?
We can structure it: more down, a higher-yield submarket, or short-term-rental income.Rates
DSCR rate tiers (2026)
| Tier 1 (780+ FICO, ≤65% LTV) | From ~5.75%, our strongest pricing |
| Tier 2 (720–779, ≤75% LTV) | ~6.25–7.00% |
| Tier 3 (660–719, ≤80% LTV) | ~7.00–7.75% |
| Tier 4 (620–659, up to 85% LTV) | ~7.75–8.50% |
Illustrative tiers, subject to change and underwriting. DSCR ratio, property type, and reserves also affect pricing. Not a rate quote.
Which tier do you land in?
Get your exact DSCR pricing in minutes.Short-term rentals
Airbnb & short-term rental financing
Short-term-rental rules vary sharply by city and state. Some markets, like Kissimmee, Panama City Beach, Palm Springs, and the Smoky Mountains, are premier short-term-rental zones, while others restrict rentals heavily. DSCR loans can underwrite permitted short-term-rental income using a Form 1007 plus a market rent schedule, though many deals are underwritten on long-term, military, or Section 8 rent for stability.
Financing a short-term rental?
We qualify short-term-rental income on projected or actual income where it’s legal.Requirements
DSCR loan requirements
| Down payment | Typically 20–25% (purchase) |
| Credit | 620+ FICO; best pricing at 720–780+ |
| DSCR | From 0.75x (with factors); 1.0x+ standard; 1.25x+ best pricing |
| Reserves | Typically 3–6 months of PITIA |
| Rent proof | Lease, or appraiser Form 1007 market rent for vacant or purchase |
| Vesting | Individual, LLC, or entity · foreign nationals eligible |
| Uses | Purchase, rate-and-term refinance, cash-out |
Finance your rental property
Qualify on rent, up to 85% LTV, LLCs and foreign nationals welcome.Answers
DSCR loan FAQ
What is a DSCR loan?
A DSCR (Debt Service Coverage Ratio) loan is an investment-property mortgage that qualifies you on the property’s rental income instead of your personal income. Gross rent is divided by the full PITIA (principal, interest, taxes, insurance, and HOA). No W-2s, tax returns, or employment verification are required, which makes DSCR loans a go-to tool for investors buying or refinancing rental property nationwide.
How is DSCR calculated?
Divide the property’s gross monthly rent by its total monthly housing payment (PITIA). A DSCR of 1.0x means the rent exactly covers the payment, above 1.0x means the property cash flows, and below 1.0x means the rent falls short. Most lenders price their best rates at 1.25x or higher, though CambridgeHomeLoan.com offers programs down to 0.75x with compensating factors.
What credit score do I need for a DSCR loan?
The minimum FICO score is 620, though approval at that tier typically comes with a higher down payment and rate. Scores of 720–780 or above unlock our best pricing tiers and the highest loan-to-value ratios. Because DSCR loans don’t weigh personal income, credit score and the property’s cash flow matter most.
What states do you lend DSCR loans in?
All 50 states. CambridgeHomeLoan.com is a direct DSCR lender since 1998, funding purchases, refinances, and cash-out nationwide. We prioritize applications from Florida, Texas, Maryland, Georgia, North Carolina, and Ohio, and can review requirements in those states on priority. Use the state boxes above to find local market notes and your state’s DSCR page.
What are the DSCR loan requirements?
A minimum 620 FICO (best pricing at 720–780+), typically 20–25% down (up to 85% LTV), and a DSCR from 0.75x with compensating factors, with no-ratio options available for strong-equity deals. No income or employment documentation is required. Qualification rests on the property’s rent versus its full PITIA, confirmed by an appraiser’s Form 1007.
How much down payment do I need for a DSCR loan?
Most DSCR purchases require 20–25% down, which corresponds to a maximum LTV of 75–80%. Borrowers with strong credit and a DSCR above 1.25x may qualify for up to 85% LTV. Cash-out refinances are typically capped at 75–80% LTV depending on property type and loan amount.
Can I use a DSCR loan for short-term rentals, BRRRR, or an LLC?
Yes. DSCR loans finance long-term rentals, permitted short-term and vacation rentals, and BRRRR refinances, and can close in your personal name, an LLC, or another entity, with no cap on the number of financed properties. Short-term-rental income is underwritten using a market rent schedule or actual booking history, depending on the property.
Are foreign nationals eligible for a DSCR loan?
Yes. Foreign national investors without a U.S. credit history or Social Security number can qualify using alternative credit documentation, larger reserves, and typically a larger down payment. Properties can be vested in an LLC or foreign entity, with no cap on the number of U.S. rental properties financed.
How fast can a DSCR loan close?
DSCR loans can close in as few as 14 days from a complete application, since there are no tax returns, W-2s, or employment verification to collect. Actual timelines depend on appraisal scheduling, title work, and how quickly documents such as insurance quotes and entity paperwork are returned.
Can I do a cash-out refinance with a DSCR loan?
Yes. DSCR cash-out refinances let investors pull equity out of a rental property, often to fund the next acquisition, complete renovations, or consolidate debt, up to roughly 75–80% LTV. The new loan is still qualified on the property’s rental income.
What property types qualify for DSCR financing?
Single-family rentals, condos, 2–4 unit properties, small multifamily buildings, and select mixed-use or commercial-adjacent properties held for investment. The property must be non-owner-occupied and business-purpose. DSCR loans are not available for primary residences.
Is there a limit on how many DSCR loans I can have?
No. Unlike conventional financing, which typically caps investors around 10 financed properties, DSCR loans have no limit on the number of properties you can finance, provided each property independently cash flows and you meet reserve requirements.
Still have a DSCR question?
No income docs, same-day quote, close in as few as 14 days.More ways to finance
Alternate Financing for Real Estate Investors
A DSCR loan is built for rental properties you plan to keep. Not every investment fits that mold, though. Some deals need fast, short-term capital, a renovation budget, or the underwriting of a larger commercial building. Each option below works differently from a DSCR loan, so here is how they compare and what each one typically requires.
Hard Money Loans
Short-term, asset-based financing
A hard money loan is secured mainly by the property’s value, often its after-repair value, rather than by rent. Terms usually run about 6 to 24 months, payments are commonly interest-only, and the rate and points tend to be higher than a DSCR loan because the lender expects a quick payoff. A DSCR loan, by contrast, is a long-term rental loan, often 30 years, that qualifies on how well the rent covers the payment.
Typical requirements
- A clear exit plan, such as a sale or a refinance into a DSCR loan
- Purchase price, scope of work, and an after-repair value or valuation
- A down payment or equity in the deal, commonly 10–25%
- Experience is weighed; credit matters less than the collateral
- No rent or lease is needed to qualify
Fix & Flip Loans
Purchase plus renovation funding
A fix and flip loan finances the purchase and a rehab budget that is usually released in draws as work is completed. It is underwritten on the purchase price, the renovation cost, and the after-repair value, and it is repaid when you sell. A DSCR loan is built for a property you plan to hold and rent, so the building generally needs to be rentable or leased, and there are no rehab draws.
Typical requirements
- Detailed renovation budget, timeline, and scope of work
- After-repair value supported by comparable sales
- Down payment, often 10–20% of the purchase price, plus reserves
- Track record or an experienced contractor on the project
- A sale exit, or a refinance into a DSCR loan if you keep the property
Bridge Loans
Short-term financing between two events
A bridge loan fills a timing gap: buying before you sell another property, closing quickly on a deal, or stabilizing a property before long-term financing. Terms are short, often 6 to 36 months, with interest-only payments. Qualification depends on the collateral and your exit, not on rent coverage. A DSCR loan is frequently the permanent take-out that replaces a bridge loan once the property is stable and leased.
Typical requirements
- Equity or value in the collateral property
- A defined exit, such as a sale, refinance, or lease-up and DSCR takeout
- Purchase contract or payoff details for the property being bridged
- Reserves to carry the interest-only payments
- Faster underwriting than a long-term loan, with higher cost
Multifamily Loans
Financing for larger apartment buildings
Multifamily loans for larger apartment buildings, typically 5 or more units, are underwritten like commercial loans on the building’s net operating income. Lenders review the rent roll, operating statements, and occupancy, along with the borrower’s experience and liquidity, and often require a higher coverage ratio. Smaller one to four unit rentals and some small multifamily buildings fit the simpler DSCR program with no income documents.
Typical requirements
- Rent roll, trailing operating statements, and occupancy history
- Net operating income and a coverage ratio, commonly 1.20x or higher
- Borrower experience, net worth, and liquidity
- Appraisal and other third-party reports, which can lengthen the timeline
- Larger loan amounts and more documentation than a DSCR loan
Descriptions are general and for comparison only. Terms, leverage, and requirements vary by property, borrower, and program, and every loan is subject to underwriting approval.
Not sure which loan fits your deal?
Tell us the property and your plan. We’ll point you to the right structure.© 2026 CambridgeHomeLoan.com · NMLS #1826020 · 4830 W Kennedy Blvd, Tampa, FL 33609 · (800) 826-5077 · Equal Housing Lender. DSCR loans are for business-purpose, non-owner-occupied investment properties only and are not available for primary residences. Rates, terms, LTV, and DSCR minimums are illustrative, subject to change without notice, and subject to borrower and property qualification and underwriting approval. The rate shown as “from 5.75%” reflects the lowest advertised tier for the strongest borrower profiles and is not a rate quote or commitment to lend. Priority review of applications in certain states does not guarantee approval, terms, or a specific timeline. Rental income figures are market estimates for illustration only and are confirmed by a Form 1007 appraisal on your specific property. State and market notes, including population, employer, hospital, college, mall and attraction details, are general and approximate context only. Short-term-rental regulations vary by municipality, so verify zoning and registration before purchase. Comparisons reflect publicly available information as of July 2026 and are not endorsements or affiliations. Descriptions of hard money, fix and flip, bridge, and multifamily loans are general and for comparison only. This page is informational and does not constitute financial, legal, tax, or investment advice.