Hey folks, I have a quick question about qualifying for a DSCR loan. I’m looking into a property that I want to rent in the room. Would I be able to use those room rental rates to qualify instead of the full rent rate for the entire house? Just trying to figure out if this is a thing or if it’s a no-go. Appreciate any insights!
Honestly, I’d say no. Most lenders want the full rental rate for the entire property when you’re qualifying for a DSCR loan.
I work in lending and can confirm that you can’t use rent by room rates. It has to be the whole property for DSCR qualifications.
Nope, you definitely can’t use room rates. It’s pretty standard that they require the full rental income to qualify.
You’ll want to stick to the full rental rate. Lenders are pretty strict about this kind of stuff.
Just to add, sometimes lenders might allow certain adjustments, but generally, it’s a no for room rates.