Rocket Pro has launched a new loan option to give mortgage brokers more flexibility and help their clients as demand for investment loans increases across the country.
The new loan, called the Debt Service Coverage Ratio (DSCR) product, allows clients to qualify for a loan based on the income the investment property is expected to make, instead of their personal income. This approach, commonly used in commercial real estate, is now available through Rocket to help brokers meet the needs of the growing market of property investors.
The new product is available to both Rocket Mortgage retail lenders and Rocket Pro brokers and partners. However, Cory Scholl, Rocket Pro's executive vice president of sales, mentioned that the demand for DSCR loans is particularly high among Rocket Pro's third-party partners.
By adding DSCR to its product lineup, Rocket Pro said the launch also keeps its promise to brokers as part of the company's Partner Promise.
Executive Statement
According to Cory Scholl, Rocket Pro’s executive vice president of sales, It's the popular DSCR with the change in the market over the last couple years. It just really has opened everyone's eyes to more opportunity than your cookie-cutter standard rate and term, cash out, and purchase. Clients and broker partners out there get more savvy as far as what's out there and what's able to be done. Rocket designed the product for today’s active investor demographic, including long-term landlords, short-term rental operators, and borrowers with documented property management experience.