Can I get a DSCR loan without an appraisal?

Rarely. Nearly every DSCR lender requires a full appraisal with a rent schedule, because the appraiser's market rent estimate is the income figure the loan qualifies on. A few lenders accept a desktop or hybrid appraisal on lower loan amounts or strong files, but a valuation of some kind is always required.

The appraisal does two jobs on a DSCR loan. It sets the value that caps the loan-to-value, and it produces the single-family comparable rent schedule (Form 1007) or small residential income form (Form 1025) that estimates market rent. Without it, the lender has no independent rent figure.

Where lenders allow alternatives, it is usually on smaller refinances, portfolio loans covering many properties, or repeat borrowers. Expect to pay $500 to $900 and wait one to two weeks. Ordering it the day the contract is signed is the biggest thing you can do to speed up closing.