1) Confirm the property cash-flows (DSCR). 2) Get pre-approved on the property. 3) Choose vesting (personal or LLC). 4) Make your offer. 5) Lock rate & structure. 6) Appraisal with market-rent schedule. 7) Underwriting verifies DSCR/credit/reserves. 8) Close — often in a couple of weeks. See Requirements.
On this page
The 8 steps, start to finish
Confirm the property cash-flows
Run rent ÷ PITIA. 1.0+ qualifies; 1.25+ earns best terms. Do this first so you know the deal works. Calculator →
Get pre-approved on the property
We review credit, down payment, and reserves and pre-approve based on the rent, not your income.
Choose your vesting
Hold title personally or in an LLC. Decide early — it affects entity docs and title.
Make your offer & open escrow
A DSCR pre-approval reassures sellers financing rests on the property, not lengthy income checks.
Lock your rate & choose structure
Fixed, ARM, or interest-only; decide on any prepayment-penalty buydown. Rates →
Appraisal with market-rent schedule
The appraisal includes Form 1007 market rent — the figure that finalizes your DSCR.
Underwriting verifies DSCR, credit & reserves
The underwriter confirms the ratio from appraised rent and clears conditions — no personal income reviewed.
Close & fund
Sign and fund — often in two to three weeks, sometimes faster.
Documents by stage
| Stage | What you provide |
|---|---|
| Pre-approval | Credit authorization, asset/reserve statements, target property details |
| Vesting | LLC formation docs & operating agreement (if applicable) |
| Application | Purchase contract, any existing lease |
| Underwriting | Appraisal + market-rent schedule (ordered for you), insurance |
No tax returns, W-2s, or pay stubs at any stage. See full Requirements and how to qualify strongly.
DSCR process FAQs
How long to close?
Often 2–3 weeks (some lenders days) — no income underwriting to slow it.
What sets the rent used?
The appraiser's market-rent schedule (Form 1007) or your signed lease.
Can I close in an LLC?
Yes — choose vesting early; LLC title is common for liability protection.
What documents are needed?
Credit, assets/reserves, contract, entity docs (if LLC), appraisal with market rent. No income docs.
Reviewed by the licensing team at Save Financial, a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766) founded in 2009 and serving all 58 counties from offices in Newport Beach and Marina del Rey.