DSCR Loan Document Checklist

Collect these records before underwriting begins. Missing documents are one of the most common reasons a file stalls after the appraisal has already been paid for.

Every item below comes from the requirements published by the lenders covered on this site. Your lender may ask for more. Nothing here is a promise of approval.

Required on most files

The property

• Purchase agreement, signed by all parties, including every addendum
• For a refinance, the current mortgage statement and the note
• Signed lease or rent roll for each unit that is occupied
• Insurance quote or binder covering the required dwelling and liability amounts
• HOA documents and the dues statement, when the property belongs to an association
• Contact details for the appraisal, so the appraiser can reach whoever holds the keys

Rent support

• The executed lease when the property is tenanted
• The appraiser's Form 1007 rent schedule for a vacant one-unit property
• The appraiser's Form 1025 report for a two- to four-unit property
• Written confirmation from the lender of which figure it underwrites when the lease and the market rent differ

Money

• Two months of statements for every account holding the down payment, all pages included
• Separate documentation for reserves, held apart from the funds used to close
• A signed gift letter, plus proof of transfer, when part of the down payment is a gift
• Proof of the source when funds come from a HELOC, a cash-out refinance or a 1031 exchange

The borrower

• Government-issued photo identification for each guarantor
• Authorization to pull a tri-merge credit report for each guarantor
• A schedule of real estate owned, listing each financed property

Not required on a DSCR loan

Lenders generally do not ask for these, because the property's rent rather than your personal income supports qualification.

• Tax returns, personal or business
• W-2 forms and pay stubs
• Written verification of employment
• A personal debt-to-income calculation

If you are closing in an LLC

• Articles of Organization or Certificate of Formation
• Operating agreement, signed by all members
• EIN confirmation letter from the IRS, or a Form W-9 where the program allows it
• Certificate of good standing, generally when the entity is more than a year old
• Foreign entity registration, when the LLC was formed outside the property's state

The full entity list, including the extra records a layered or older structure needs, is on the LLC entity document checklist.

If you are refinancing

• Current mortgage statement showing the payoff balance
• The existing note, so the lender can check for a prepayment penalty on the loan being repaid
• The current insurance policy and the most recent property tax bill
• Written instructions from the new lender before you transfer title or record a new deed

If the property is a short-term rental

• Twelve months of Airbnb or Vrbo payout records, downloaded from the platform itself
• Bank statements that reconcile to those payouts
• An AirDNA projection when the property has no operating history
• The appraiser's long-term market rent conclusion, which many lenders use when it is lower

Property-management reports are often rejected because the user can edit them.

If you are a foreign national

• Valid passport and visa, where applicable
• Proof of funds held in a U.S. account, or documented transfer from abroad
• A credit reference from your home country when you have no U.S. credit record
• Written confirmation of the lender's reserve rules, which sometimes differ for foreign-national files