Securing a mortgage as a self-employed individual can be a daunting task. But with the right mortgage loan originator on your side, the process can be a lot easier. That’s exactly what happened for one client of Leo Feliz, a Mortgage Loan Originator at MortgageDepot’s Hollywood, FL branch. Leo helped his client, a self-employed individual, purchase a single-family rental property in South Carolina for vacation rental use with a low reserve requirement and good interest rate.
The challenge that this client faced in acquiring a mortgage elsewhere was the lack of comparable rental income. Without the necessary rental income history, many lenders would not consider the property a viable investment. However, Leo was able to find a solution by recommending a Debt Service Coverage Ratio (DSCR) loan. Leo worked closely with his client to gather all the necessary documentation to secure the loan. He advised the client on the best way to present his income and rental history to the lender, ensuring that the loan application would be approved.
DSCR loans are designed for rental property investors who do not have a traditional source of income. Instead of relying on the borrower’s personal income, the lender looks solely at the property’s income potential. This type of loan requires a certain level of cash reserves to ensure that the borrower can handle unforeseen expenses or vacancies. In this case, Leo was able to find a lender who offered a DSCR loan with a low reserve requirement, making the mortgage more accessible for his client.
Leo’s success in helping his client secure a mortgage for a vacation rental property is a testament to his dedication to his clients. He understands the unique challenges faced by self-employed individuals and is committed to finding the best solutions for their mortgage needs. His knowledge of the DSCR loan and its requirements, as well as his ability to work closely with his clients, sets him apart from other mortgage loan originators.
If you are a self-employed individual looking to invest in a rental property, Leo Feliz at MortgageDepot’s Hollywood, FL branch is the mortgage loan originator for you. With his expertise and commitment to his clients, he can help you navigate the mortgage process and find the best solution for your unique situation.
