Overcoming Non-QM DSCR Challenges

Mar 11, 2024

In the intricate landscape of mortgage lending, overcoming hurdles can be pivotal. Below is a recent case study illustrating our dedication to transforming complex scenarios into triumphant home acquisitions.

Case Study: Foreign National DSCR Purchase Transaction

Our client, a newcomer to U.S. real estate from Kosovo, sought financing for their first home purchase despite possessing a robust property portfolio in their home country.

Challenges and Resolutions:

  • Language Barrier: All documentation provided by the borrower was in a foreign language. Our diligent broker facilitated translation into English, facilitating the underwriting process.
  • First-Time Homebuyer Status: Despite extensive property ownership abroad, U.S. lending guidelines necessitated treating the client as a first-time buyer. Resolution: By leveraging the client’s ample reserves, we obtained an exception to this requirement.
  • Lack of U.S. Investor Experience: Traditional DSCR transactions demand proven investor experience. Resolution: Through a substantial 30% down payment, we circumvented this prerequisite.
  • International Funds Transfer Complexity: Funds for closing costs and reserves resided in Kosovo initially. Resolution: We meticulously monitored the transfer of funds from four Kosovo accounts to U.S. accounts, including obtaining and translating multiple bank statements for clarity.

The Outcome:

Despite these challenges, our tailored approach and unwavering client commitment culminated in a successful transaction. This case underscores our proficiency in navigating intricate, non-traditional loan scenarios, particularly for international clientele.

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