Investors can see big benefits from refinancing into a No-income doc rental loan.
Not only can it lower your monthly payment, reduce your long-term interest costs, and free up funds for maintenance, repairs, and other expenses, but if you choose a cash-out option, you can even tap your home equity for a decent-sized lump sum payment. If you’re hoping to renovate a property or even buy your next investment, this can be a huge help.
Unfortunately, traditional refinances can be difficult to come by — at least for rental property investors. They call for lots of documentation, including items most investors just don’t have (W-2s, pay stubs, and 1099s). They also rely heavily on tax returns, which rarely show an investor’s true cash flow or earnings.
Are you looking to refinance your rental property? Not sure you’ll qualify or get favorable terms with a traditional refinance? A no-doc loan may be your best. These streamlined, low-interest loans require no income documentation and are designed just with real estate investors in mind.
Here’s what you need to know about our no-doc rental property refinances:
There are even no-DSCR refinances (no Debt Service Coverage Ratio) for investors in hot housing markets, where rents often lag property values. These loans allow for up to a 75% loan-to-value ratio with a 700-credit score or 70% with at least 680.
Are you ready to refinance your rental property or tap its equity to buy a new one? Don’t want to deal with the documentation or hassles that come with traditional financing? Get in touch with HomeLife today. Pre-approval on our no-doc refinance loans takes 24 hours or less.
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For more than 25 years, HomeLife Mortgage has built a strong reputation in California and Florida as a leading mortgage broker, servicing the needs of borrowers who have been unable to obtain conventional financing. HomeLife Mortgage is at the forefront of non-bank lending offering the next generation of mortgages including Jumbo Loans, Real Estate Investor Loans, and Bank Statement Loans.