Question 1

What is the minimum DSCR required for a rental loan in New York?

Accepted Answer

1.2 DSCR is the standard minimum for New York rental loans, with 680+ FICO and 20–25% down. Some lenders allow 1.0–1.19 DSCR with compensating factors: 740+ credit score or 25–30% down. Below 1.0 DSCR is declined.

Question 2

Do New York DSCR loans require tax returns?

Accepted Answer

No. DSCR loans in New York qualify you based on the property's rental income only. No personal or business tax returns, W-2s, pay stubs, or 1099s are required. See the full requirements on our DSCR hub page.

Question 3

Can I use Airbnb or vacation rental income to qualify in New York?

Accepted Answer

Yes. We use the greater of your 12-month gross Airbnb/VRBO payouts or an AirDNA market STR analysis, provided the property is legally rentable as a short-term rental under New York and local ordinances. STRs often hit 1.6+ DSCR due to higher nightly rates.

Question 4

What credit score do I need for a DSCR loan in New York?

Accepted Answer

680+ FICO is the standard minimum for New York DSCR loans. 640–679 may qualify by exception with lower LTV (65–70%) or higher DSCR (1.25+). We pull a tri-merge credit report but do not calculate DTI, so credit card balances and car loans are ignored.

Question 5

How fast can a DSCR loan close in New York?

Accepted Answer

New York purchase DSCR loans typically close in 21–30 days. Cash-out refinances close in 14–21 days once the appraisal and title are complete. Closings in rent-controlled jurisdictions may add 3–5 days for lease verification.

Question 6

Can an LLC get a DSCR loan in New York?

Accepted Answer

Yes. LLCs and corporations registered in New York (or any state, with foreign entity registration where required) can take title to DSCR loans. All 25%+ members must provide a personal guarantee and credit check. This keeps the loan off your personal credit.

Question 7

Does New York rent control affect DSCR qualification?

Accepted Answer

Yes. In rent-controlled units, we use the current legal rent (not market rent) to calculate DSCR. If the legal rent sits below market, it may lower your DSCR and require more down payment. For vacant properties, a market rent analysis can still apply. NYC and some upstate municipalities have rent stabilization. DSCR uses legal registered rent, not market rent, for stabilized units. Free-market units and new construction (post-1974) qualify at market rent.

Question 8

What metros are best for DSCR investing in New York?

Accepted Answer

New York's top DSCR investing metros are New York City, Buffalo, Rochester, Yonkers. New York City is the deepest market with median home prices around $785K and 3.0–4.5% gross rental yields. Higher-yield alternatives like Yonkers (4.5–6.0%) trade lower entry price for thinner deal flow.

Question 9

Which lenders fund DSCR loans in New York?

Accepted Answer

Non-bank DSCR programs that frequently fund New York deals include Velocity Mortgage Capital, CoreVest, LendingOne, Visio Lending, Park Place Finance. PeerSense matches your scenario across this lender set rather than locking you into a single program — terms vary by FICO, LTV, DSCR, property type, and entity structure.

Question 10

What is the DSCR loan rate in New York?

Accepted Answer

New York DSCR refinance rates start at 6.25% as of May 2026 with a typical state-specific adjustment of +0.250% to +0.500% versus national baseline pricing. Judicial foreclosure (12–24 months in some counties), HSTPA rent stabilization, and NYC-specific eviction friction increase lender loss severity. Final pricing depends on FICO, LTV, DSCR, and property type.

Question 11

How long do evictions take in New York?

Accepted Answer

New York non-payment evictions typically run 120–180+ days from notice to keys. New York's 2019 Housing Stability and Tenant Protection Act extended notice periods and required good-cause for many evictions. NYC Housing Court timelines routinely run 4–6 months; upstate Albany/Buffalo courts are faster but still 60–90 days. DSCR underwriters factor this into reserve and loss-severity assumptions.

Metro	Median Price	Gross Yield	DSCR Investor Notes
New York City	$785K	3.0–4.5%	Rent-stabilized inventory uses legal rent for DSCR; free-market post-1974 units qualify at market
Buffalo	$215K	8.0–10.0%	Highest yields in NY, no city-level rent control, cash-flowing duplex/triplex deal flow
Rochester	$195K	8.5–10.5%	Lowest entry price, university rental demand from U of R/RIT
Yonkers	$615K	4.5–6.0%	Westchester commuter market — Yonkers ETPA covers some buildings, verify legal rent

Requirement	Minimum	Notes
DSCR	1.20	1.00+ allowed with 740 FICO or 30% down
Credit Score	680 FICO	640–679 by exception, lower LTV
Down Payment	20–25%	25% if <1.2 DSCR or <700 FICO
Property Type	1–4 units or multifamily	Condos, townhomes, STRs OK where legal
Income Docs	None	No tax returns, W-2s, DTI check
Reserves	6 months PITIA	Checking, savings, stocks qualify
Close Time	21–30 days	Cash-out refi: 14–21 days

New York DSCR Loans: No Tax Returns, 1.2 DSCR Min, Rates from 6.25%

Can I get a DSCR rental loan in New York?

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New York Rate Adjustment vs National Baseline

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New York DSCR Loan Requirements

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