I was initially approved for a DSCR (Debt Service Coverage Ratio) loan with Blueprint Home Loans at 3:21 PM, but by 8:39 PM I was suddenly denied. When I applied, the staff assured me that all I needed was:
A valid photo ID
A bank statement showing I had funds for a down payment
An income-producing asset
I provided all of these, including a property through Rent to Retirement that generates rental income, and who they work with. Despite meeting all the stated requirements, I was denied later the same day because they claimed I needed to show homeownership or hold title for at least a year -- a requirement that was never mentioned at ALL any point in the application process. And a requirement that was never disclosed anywhere on their website and is not required by federal or state laws.
For context, a DSCR loan is generally based on the income a property generates relative to its debt. Lenders usually evaluate the property's cash flow to ensure it can cover the loan payments. Personal homeownership or title history is typically not required, which is why this sudden requirement was confusing and upsetting.
The process was inconsistent, poorly communicated, and extremely stressful. The person who denied me was incredibly rude and unprofessional. I cannot recommend Blueprint Home Loans if you want a clear, reliable DSCR loan process. read more