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United Wholesale Mortgage (UWM), the top wholesale and purchase mortgage lender in the United States, today introduced Investor Flex, a 30-year fixed Debt-Service Coverage Ratio (DSCR) loan option for real estate investors.
In a news release, Pontiac, Mich.-based UWM said the product “will allow borrowers to qualify for investment properties based on monthly rental income of the subject property, rather than their current income.” DCSR is a measurement of a investor's available cash flow to pay current debt obligations, according to Investopedia.
The loan is available on purchase and refinance loans of up to $2 million, and can be used to finance up to 20 properties, UWM said. It will also be offered for short-term rental properties, giving brokers another competitive selling point when targeting real estate investors, UWM said.
Investor Flex follows the launch last week of bank statement loans and the announcement of an extension of no-cost appraisals for purchases until the end of April 2022.