DSCR 1-4 Units
Institutional debt service coverage ratio financing up to 85% LTV based exclusively on subject property rental cash flow with zero personal income, tax returns, or employment verification.
Underwriting Specifications & Parameters
Program Highlights & Selling Points
- No Tax Returns or W-2s Required
- Coverage Ratio >= 1.00 & No Ratio (< 1.00) Available
- First-Time Investors Permitted
- Cash-Out Refinance up to 80% LTV
Program Overview & Guidelines
Program Overview & Market Position
The Corva Wholesale DSCR 1-4 Units program is engineered specifically for residential real estate investors seeking liquidity and acquisition capital without the friction of personal tax return analysis, debt-to-income (DTI) calculations, or employment verification. Qualification is determined exclusively by the subject property’s gross rental income relative to its monthly debt obligations (PITIA).
Key Underwriting Matrices & Thresholds
- Maximum LTV: Up to 85% for purchase transactions; up to 80% for rate/term and cash-out refinances.
- Minimum FICO: 620 qualifying mid-score across all borrowing guarantors.
- Loan Amounts: $150,000 minimum loan balance up to $3,500,000 maximum loan capacity.
- Debt Coverage Ratio: Standard execution at DSCR ≥ 1.00. Corva No-Ratio and sub-1.00 DSCR options available down to 0.75 with compensating credit factors.
- Underwriting SLA: Written scenario pre-flight in < 2 hours; formal underwrite decision within 24 hours of complete file packaging.
Lease Verification & Appraised Rent Protocols
For purchase transactions of leased properties, qualification utilizes the lower of the executed lease agreement or the Form 1007/216 Fair Market Rent schedule provided by the independent appraiser. For unleased purchase properties, 100% of the appraiser’s market rent estimate is utilized. Short-term rentals (Airbnb / VRBO) are eligible using 12 months historical operating statements or certified AirDNA MarketMinder rental projection data.
Eligible Borrowing Entities & Vesting
Loans may close in the name of a legal entity, including Single-Member LLCs, Multi-Member LLCs, Corporations, and Limited Partnerships. Personal guarantees are required from all members holding 25% or greater equity interest in the borrowing entity.
Reserves & Prepayment Penalty Structures
- Liquid Reserves: 6 months PITIA post-closing reserves required (3 months for loan amounts ≤ $1,000,000).
- Prepayment Penalties: Standard 1-to-5 year step-down structures (e.g., 5/4/3/2/1 or 3/2/1). Zero prepayment penalty options available where required by state law.
- Eligible Property Types: Single Family Residences (SFR), 2-4 Unit Multi-Family, Warrantable Condominiums, Non-Warrantable Condos, PUDs, and Modular Homes.
Submit DSCR 1-4 Units Scenario
Direct credit desk review by dedicated wholesale underwriters. Submit transaction parameters below for immediate pricing, structuring, and written terms.