Investor Financing
Finance the Property Without Making the Rent Prove Itself
A DSCR No Ratio Loan is a business purpose loan on 1 to 4 unit investment property where no debt service coverage ratio has to be met. The rent is not measured against the payment, so a property that carries a coverage ratio below 0.75, or produces no documented rent at all, is still on the table.
You give up leverage in exchange. Purchases and rate and term refinances go to 75% of value and cash out to 70%, with the exact maximum set by your credit score and loan size. Loan amounts run from $125,000 to $2,000,000, on a 30 year fixed or an ARM.
Business purpose financing for investors across Georgia.
Rate Quote
Get a Custom DSCR No Ratio Quote
This is a non-QM program, not an agency product with a published rate sheet. Pricing moves with your credit score, the loan to value, the transaction type, and the property, so an honest number takes a short conversation rather than a website slider.
What we can tell you quickly is where you land on the grid: the maximum LTV your score and loan size allow, and whether a ratio qualifying DSCR loan would do better on the same property.
What to expect:
- A custom quote built on your actual property, score, and loan purpose
- The maximum LTV your scenario supports, in writing
- A comparison against ratio qualifying DSCR and conventional
- A straight answer if the rent would pass a coverage test on its own
Start with the property
The property, the price or payoff, and a rough credit score are enough to place you on the grid.
Who It May Fit
Investors Who Often Consider No Ratio Financing
One thing connects every profile below: the property is worth financing, but the rent will not pass a coverage test right now.
The property that does not cash flow
Rent covers less than three quarters of the payment, taxes, and insurance. No Ratio never runs the test.
The vacant or between tenants purchase
No lease and no rent roll. Since qualifying rent is not part of the file, an empty property is not automatically a problem.
The short term rental owner
Nightly income swings by season and lenders discount it hard. Short term rentals cap at 75% on purchase and rate and term, 70% cash out.
The investor in an expensive submarket
Inside the perimeter and in the northern suburbs, prices have outrun rents, and strong properties routinely miss a 1.00 ratio.
The self employed investor
Your returns show aggressive write offs. Nothing on this program qualifies you on personal income.
The investor refinancing out of hard money
A bridge or rehab loan is coming due on a property that is finished but not leased. A rate and term refinance to 75% replaces it.
The LLC borrower pulling capital out
Entity ownership is ordinary here, and a cash out refinance to 70% of value can fund the next acquisition.
The first time investor with a clean 12 months
Eligible without an ownership history if your credit meets the grid and you have had no housing lates in the most recent 12 months.
All three transaction types, on the same program
These are the maximums at the best credit and loan size combination. Your actual number comes off the grid below.
Purchase
Buy a 1 to 4 unit rental with 25% down at the top of the grid, without the rent supporting the payment.
Rate and term refinance
Replace existing financing, including a bridge or hard money loan, at the same ceiling as a purchase.
Cash out refinance
Turn equity into capital for the next deal. Cash in hand is capped by the resulting loan to value.
Eligible property types are single family, attached, detached, and 2 to 4 unit investment property, plus warrantable condominiums. Non warrantable condominiums and condotels carry a 5% LTV reduction. Rural property is not eligible, though acreage up to 10 acres that does not meet the rural definition can be. Recognizing yourself in a profile does not mean you qualify, and every scenario is subject to the lender's guidelines, appraisal, and full underwriting.
An Honest Look
When a No Ratio Loan May Not Be the Right Fit
Skipping the coverage test costs you leverage and usually costs you rate. Here is where we would point you somewhere else.
Your property actually cash flows
If the rent covers the payment, a ratio qualifying DSCR loan reaches higher leverage on the same property.
You need more than 75% of value
Seventy five percent on a purchase or rate and term and 70% on cash out are hard ceilings on this option, before any reductions apply.
Your credit score is under 640
640 is the floor, and only on loans of $1,000,000 or less at 60% LTV. Below that, ratio qualifying DSCR may still work.
You need more than $2,000,000
The No Ratio option stops at a $2,000,000 loan amount. Larger investment loans go to a different structure.
You or your family will live there
Investment property only, with no exceptions for family occupancy. For a home you will occupy, start with conventional or FHA financing.
You have no 12 month housing history
A complete 12 month housing history is required and living rent free is not permitted, though several documented situations are treated as exceptions.
The property is rural
Rural property is not eligible on this program regardless of how well it performs. That is a property rule, not a credit one.
You can document income normally
If your returns support the debt, a conventional investment loan is usually the cheaper long term answer, and it reaches 85% on a 1 unit purchase.
None of these is a dead end. UHome Mortgage is a broker, so pointing you to a different program is part of the job rather than a lost sale.
Not sure whether your property would pass a coverage test?
Check My OptionsThe Full Picture
Potential Benefits, Weighed Against Real Considerations
This one trades leverage and pricing for the freedom to ignore what the property rents for. Whether that is a good trade depends on how far your down payment or equity stretches.
Potential benefits
- No coverage ratio to meet. A property below a 0.75 ratio, or with no rent at all, is not disqualified on that basis.
- No personal income documentation. No tax returns, W-2s, pay stubs, employment verification, or debt to income calculation.
- All three transaction types. Purchase, rate and term refinance, and cash out refinance.
- Fixed or adjustable. A 30 year fixed, or a 5/6, 7/6, or 10/6 ARM.
- Interest only is available. With a 660 minimum score, up to 75% on a purchase or rate and term and 70% on cash out.
- No reserves at $1,500,000 or less. Above that it is 2 months of principal, interest, taxes, insurance, and dues, which cash out proceeds can satisfy.
- Entity ownership and gift funds are normal. Title in an LLC is expected, gift funds are permitted, and sellers can contribute up to 6%.
Important considerations
- Leverage is capped and score driven. 75% on a purchase or rate and term, 70% on cash out, and both drop as the loan amount rises or the score falls.
- Cash in hand is limited. Above 65% LTV you can take a maximum of $600,000. Between 60% and 65% the cap is $1,000,000. At 60% or below there is no cap.
- Pricing sits above ratio qualifying DSCR. Skipping the coverage test is a risk the lender prices for.
- Credit and housing history still matter. You need three scores, or one account reporting 24 months, or two reporting 12. Twelve complete months of housing history are required, and a 60 day late inside that window caps a purchase at 70% and a refinance at 65%.
- Recent credit events reduce leverage. A bankruptcy, foreclosure, short sale, deed in lieu, deferral, or modification seasoned 36 months or more causes no reduction. Between 24 and 36 months, purchase and rate and term cap at 75%, cash out at 70%.
- Property conditions can cut the number. A declining market noted by the appraiser reduces the maximum LTV by 5%, as does a non warrantable condominium or condotel.
- Business purpose only. These loans are exempt from Truth in Lending, so the consumer protections you know from a primary residence mortgage do not apply.
The No Ratio LTV grid
Two things set your maximum loan to value: the loan amount and your qualifying credit score. This is the published grid, before the reductions listed above.
| Loan amount and score | Purchase | Rate and Term | Cash Out |
|---|---|---|---|
| $1,000,000 or less, 680 or higher | 75% | 75% | 70% |
| $1,000,000 or less, 660 | 65% | 65% | 60% |
| $1,000,000 or less, 640 | 60% | 60% | 60% |
| $1,000,001 to $1,500,000, 700 or higher | 70% | 70% | 65% |
| $1,500,001 to $2,000,000, 700 or higher | 65% | 65% | 60% |
| Above $2,000,000 | Not available on No Ratio | Not available on No Ratio | Not available on No Ratio |
Minimum loan amount is $125,000. Short term rentals cap at 75% on a purchase or rate and term and 70% on cash out. Investors qualifying through asset depletion carry their own minimums: a 680 score at 75% on a purchase, and a 720 score at 75% on a rate and term or 70% on cash out. Every figure here is a program maximum published by the lender rather than an offer, and subject to change without notice.
Compare Your Options
How No Ratio Compares With Other Investor Financing
Four ways to finance the same rental. The right one usually comes down to what the property does and what you can prove.
| Criteria | DSCR No Ratio | DSCR Ratio Qualifying | Conventional Investment | InvestorEdge 50 |
|---|---|---|---|---|
| Best suited for | Property that will not pass a coverage test, or is not leased. | Property whose rent comfortably covers the payment. | Investors who document income normally. | Equity rich investors wanting the lightest review. |
| What qualifies you | Credit, equity, and the property itself. No ratio is calculated. | Rent measured against the payment, taxes, insurance, and dues. | Documented personal income, credit, and debt ratios. | The equity position, with streamlined credit review. |
| Maximum leverage | 75% purchase and rate and term, 70% cash out. | Higher than No Ratio at the same score and loan size. | Up to 85% on a 1 unit purchase, 75% on 2 to 4 units. | 50% of value. That cap is the program. |
| Income documentation | None. No returns, W-2s, or employment verification. | Lease or market rent analysis, not personal income. | Full documentation: returns, W-2s, assets. | Streamlined. No traditional income documentation package. |
| Credit considerations | 640 minimum, only at the smallest loan sizes and lowest leverage. | Reaches lower than No Ratio, down to 600 at reduced leverage. | 620 is the manual underwriting floor. Automated underwriting sets no cutoff. | Eased at half leverage, but still reviewed. |
| Property considerations | 1 to 4 unit investment property and warrantable condos. Rural not eligible. | Same property rules, rent documented. | 1 to 4 unit residential, under agency property rules. | 1 to 4 unit, 5+ multi family, mixed use, and commercial. |
| Primary advantage | The property's performance never has to be proven. | More leverage and better pricing when the property performs. | Agency pricing, generally the lowest long term cost. | Speed, simplicity, and wide property eligibility. |
| Potential tradeoff | Lower leverage and a higher rate than ratio qualifying. | The property has to perform, and a vacancy stalls the file. | Full documentation, reserves, and a ten financed property limit. | You can only borrow half the value. |
| When another may fit better | Any time the rent would pass the test on its own. | When the property is vacant, seasonal, or short of a 0.75 ratio. | When income is hard to document or you hold ten financed properties. | When you need more than half the value. |
Conventional figures reflect Fannie Mae's published eligibility maximums and are program limits rather than offers. Non-QM terms are set by the individual lender and vary by scenario.
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Your Path
How the No Ratio Loan Process Works
Shorter than a conventional loan because there is no income package to assemble. The appraisal still decides your number.
Talk through the goal
The property, the price or payoff, your credit score, and what you want the money to do. That places you on the grid.
Compare the options
We check whether the rent would pass a coverage test first. If it would, we say so, because a ratio qualifying loan reaches further at a better rate.
Apply and submit
Entity documents, identification, credit authorization, insurance, and 30 days of asset verification. No tax returns, no pay stubs.
Underwriting review
The lender reviews credit, tradelines, housing history, and credit event seasoning, then sets the maximum LTV for your file.
Appraisal and title
The valuation sets the loan amount. If the appraiser flags a declining market the maximum drops 5%, and a $2,000,000 loan takes two appraisals.
Close and fund
Georgia closings are conducted by an attorney. On a refinance the payoff and any cash out proceeds are disbursed after closing.
Timelines depend on the lender, the property, appraisal availability, and how quickly documents come back. Entity formation and a certificate of good standing are worth handling early. They hold up more files than credit does.
Be Prepared
Documents You May Need
A short list by design: no tax returns, no W-2s, no pay stubs, and no rent roll used to qualify you. Not every borrower needs every item.
Purchase contract or payoff statement
The executed contract on a purchase, or the current payoff and the note on a property you already own.
Entity documentation
Operating agreement, articles of organization, EIN letter, and certificate of good standing when an LLC holds title.
Government identification
Identification for every borrower and member of the owning entity. Resident aliens also provide visa documentation.
Credit authorization
Credit is central here even though income is not. The file needs three scores, or one account reporting 24 months, or two reporting 12.
Asset statements
Thirty days of verification covering your down payment, closing costs, and any reserves the loan size requires.
Housing history
Twelve months of mortgage statements, a verification of mortgage, or a lease and payment history.
Property insurance
A landlord or dwelling fire policy with adequate coverage. Association coverage details are needed on a condominium.
Gift or seller contribution documentation
A gift letter and transfer trail for gift funds, or the contract language if the seller is contributing up to 6%.
Appraisal access
Someone has to let the appraiser in. On a tenanted property that is often the slowest item in the file.
Business purpose certification
A signed statement confirming the property is an investment and will not be occupied by you or a family member.
You do not need all of this to start. Leases and rent rolls may still be requested to understand the property, even though they are not used to qualify the loan.
Have a property in mind? We will tell you where it lands on the grid.
Talk With A Loan ExpertReal World Context
Three Common Investor Scenarios
Educational examples only, one per transaction type. None of these is an approval, a promise, or a prediction of any particular result.
The purchase where the rent does not cover the payment
The situation
An investor is buying a single family rental in Smyrna for $420,000. Market rent is about $2,450, and with taxes, insurance, and the payment at current rates the property lands near a 0.72 ratio. Two lenders have already passed.
Why this product may be considered
No coverage ratio has to be met, so the 0.72 is not the deciding factor. With a 700 score and a loan under $1,000,000 the grid allows 75%, or roughly $105,000 down plus closing costs.
What still needs review
The appraised value, whether the appraiser flags a declining market, credit and tradelines, the 12 month housing history, and 30 days of asset verification.
When another program could fit better
If the investor can document personal income, a conventional investment loan reaches 85% on a 1 unit purchase and usually prices better. So would a ratio qualifying DSCR loan if rent came in higher than expected.
The short term rental owner pulling capital out
The situation
An investor owns a furnished short term rental near the Atlanta BeltLine through an LLC. Revenue is strong in spring and fall and thin in January, and lenders discount it until the ratio falls apart. They want capital for a second property.
Why this product may be considered
The income question never comes up. The grid allows up to 70% on cash out at a 680 score under $1,000,000, and short term rentals carry that same ceiling. Above 65% LTV, cash in hand caps at $600,000.
What still needs review
The appraised value and how the appraiser treats a furnished rental, the entity documents, insurance, and whether the loan amount triggers a reserve requirement.
When another program could fit better
If a signed long term lease would put the property over a 1.00 ratio, converting it and using a ratio qualifying DSCR loan would release more equity at a better rate.
The rate and term refinance out of hard money
The situation
A Gwinnett County investor bought a duplex with a short term rehab loan, finished the work, and has a balloon payment 60 days out. Both units are still vacant, so there is no rent to document and no time to wait.
Why this product may be considered
A rate and term refinance reaches the same 75% ceiling as a purchase, and a vacant property is not a problem when no rent is counted. Paying off the existing loan and rolling in costs keeps it on the rate and term side of the line.
What still needs review
The completed appraised value, the payoff against 75% of it, the housing history, and whether taking any money back reclassifies the loan as cash out and drops the ceiling to 70%.
When another program could fit better
If both units lease before the balloon comes due, a ratio qualifying DSCR loan on documented leases would likely price better. The calendar usually decides.
Scenarios are illustrative and do not guarantee any investor the same result, terms, or approval. Values, rents, and figures shown are examples rather than quotes, and every file is subject to the lender's guidelines and full underwriting.
Local Guidance
No Ratio DSCR Loan Guidance for Georgia Real Estate Investors
UHome Mortgage is based in Atlanta and works with eligible investors across Georgia. Here is what matters about this loan here.
Why metro Atlanta produces so many no ratio files
The median sales price across the 11 county Atlanta market was $442,500 in June 2026 according to the Atlanta REALTORS Association, while the statewide median owner occupied value sits near $303,300. Prices in the strongest rental submarkets have climbed faster than rents, and that gap is what pushes a good property below a 1.00 coverage ratio.
The pattern is sharpest inside the perimeter and in the northern suburbs, where a well located rental can be a sound long term hold and still fail a coverage test.
Where the property sits changes the answer
Rural property is not eligible, which matters more in Georgia than in most states. A rental in Fulton, DeKalb, Cobb, or Gwinnett is straightforward, while an outlying county may or may not clear the rural definition. Acreage up to 10 acres can be eligible as long as the property does not meet it. Outside the metro, confirm the address before you go under contract.
Georgia itself carries no program level restriction. The lender excludes specific locations elsewhere in the country, including Baltimore and Philadelphia, and no Georgia market is on that list. Loans classified as high cost under state or local law are not permitted anywhere on the program.
We also work with investors in Augusta, Savannah, Columbus, Macon, and Athens, where rent to price ratios are often stronger and a ratio qualifying loan may reach further.
Georgia specifics worth knowing before you close
Georgia closings are conducted by a licensed attorney rather than a title company alone, so build attorney coordination into your timeline when an LLC is on title and the operating agreement and good standing certificate have to be reviewed first. Georgia is also a non judicial foreclosure state, which is part of why investor lending is active here.
Georgia also assesses property at 40% of fair market value under state law, and the statewide homestead exemption does not apply to investment property. Run your numbers on the investment tax treatment, not the figure you see on your own home.
Where the agency path runs out for Georgia investors
Conventional investment financing is capped by the 2026 conforming limit, which in Georgia is $832,750 for a one unit property and $1,601,750 for a four unit, with every county at the baseline. Fannie Mae also limits an investor to ten financed properties. Investors hit those walls sooner than they expect, and often reach non-QM financing because they ran out of agency room rather than because their income is complicated.
Good Questions
No Ratio DSCR Questions, Answered Plainly
What is a DSCR No Ratio loan?
It is a business purpose loan on 1 to 4 unit investment property where no debt service coverage ratio has to be met. A standard DSCR loan divides the rent by the payment, taxes, insurance, and dues, and needs the result to clear a threshold. The no ratio option removes that test, so you qualify on credit, equity, and the property itself.
The tradeoff is leverage: 75% on a purchase or rate and term refinance, 70% on cash out, and pricing above a ratio qualifying loan.
Do I need a lease or any rental income at all?
No. Rent is not used to qualify the loan, so a vacant property, one between tenants, or one that has never been rented is not disqualified on that basis. Leases may still be requested to help the lender understand the property, but they do not approve the file.
What is the maximum LTV on a no ratio loan?
At a 680 score or higher on a loan of $1,000,000 or less, up to 75% on a purchase or rate and term refinance and 70% on cash out. At 660 it is 65% and 60%, at 640 it is 60% across the board, and above $1,000,000 a 700 score gets 70% and 65%, dropping to 65% and 60% past $1,500,000. The full grid is above.
Those are maximums before reductions for a declining market, a non warrantable condominium or condotel, a 60 day housing late inside 12 months, or a credit event seasoned less than 36 months.
What credit score do I need?
640 is the floor, and only on loans of $1,000,000 or less at 60% loan to value. Above $1,000,000 the no ratio option requires a 700 score. You also need three credit scores, or one account reporting 24 months, or two reporting 12. If your score sits below 640, the ratio qualifying DSCR options reach lower, so it is worth asking rather than assuming.
How much cash can I take out on a refinance?
Cash out refinances go to 70% of value at the top of the grid, and what you can walk away with depends on where the new loan lands. Above 65% loan to value the maximum cash in hand is $600,000. Between 60% and 65% it is $1,000,000. At 60% or below there is no cap.
Cash out proceeds can also satisfy a reserve requirement, which matters above $1,500,000.
Can I use this to buy, or only to refinance?
All three. Purchases and rate and term refinances share the same 75% ceiling, and cash out sits 5 points lower at 70%. Loan amounts run from $125,000 to $2,000,000 on the no ratio option.
Do I need reserves?
Not on loans of $1,500,000 or less. Above that the requirement is two months of principal, interest, taxes, insurance, and dues. Separately, 30 days of asset verification is required on every file. Gift funds are permitted, and a seller can contribute up to 6%.
Is interest only available?
Yes, with a 660 minimum score, up to 75% on a purchase or rate and term refinance and 70% on cash out. It lowers your carrying cost during a lease up or renovation, though you are not reducing the balance while it lasts. Fixed and adjustable structures are both available: a 30 year fixed, or a 5/6, 7/6, or 10/6 ARM.
Can I qualify as a first time investor?
Yes. A first time investor is a borrower without at least one year of owning and managing commercial or non owner occupied residential property in the last three years. Eligibility requires the grid's minimum score, no housing lates in the most recent 12 months, and a documented housing history that is not rent free.
Can I use this for a property in Atlanta or elsewhere in Georgia?
Yes. UHome Mortgage is based in Atlanta and works with eligible investors across Georgia, including Fulton, DeKalb, Cobb, Gwinnett, Clayton, Douglas, Paulding, and Henry counties, along with Augusta, Savannah, Columbus, Macon, and Athens. Rural property is not eligible, so the address matters outside the metro.
Accuracy Matters
Reviewed for accuracy by a licensed mortgage professional
Coby Pegues
President | Loan Originator | NMLS #2556341
The figures on this page come from the lender's published guideline matrix dated March 16, 2026, and reflect the no ratio option only. Non-QM guidelines are set by the lender and can change without notice. Anything material to your decision should be confirmed for your scenario before you rely on it.
Last reviewed: [CMS: review date]
Sources and References
A no ratio DSCR loan is a non-QM program rather than an agency product, so there is no government rulebook behind it. Program figures come from the lender's guideline matrix on file with UHome Mortgage. The sources below support the regulatory framework, the comparison figures, and the Georgia data.
- Consumer Financial Protection Bureau, Regulation Z § 1026.3, Exempt Transactions. the business purpose exemption that separates investor financing from consumer mortgage rules.
- Fannie Mae Eligibility Matrix. the conventional investment leverage maximums and ten financed property limit used in the comparison table.
- Federal Housing Finance Agency, Conforming Loan Limits. the 2026 Georgia conforming loan limits cited in local guidance.
- Atlanta REALTORS Association, Monthly Market Brief. the June 2026 metro Atlanta median sales price.
- United States Census Bureau, QuickFacts Georgia. the statewide median owner occupied value.
- Georgia Department of Revenue, Property Tax Valuation. the 40% assessment ratio under O.C.G.A. § 48-5-7.
- Georgia Department of Banking and Finance. the state licensing authority for mortgage brokers operating in Georgia.
- NMLS Consumer Access. verify the license status of UHome Mortgage LLC and any individual loan originator.
Market data reflects the reporting period stated by the source. Agency limits update annually. Non-QM guidelines are set by individual lenders and can change without notice.
