How long does it take to get approved for a DSCR loan?

Initial approval takes a few days, since there are no income documents to review. Closing typically takes three to five weeks, and the appraisal with its rent schedule is the longest step. Some lenders close in two to three weeks when the appraisal comes back quickly.

The file is short: application, credit report, bank statements for the down payment and reserves, the lease if the property is rented, entity documents if closing in an LLC, and the purchase contract. An underwriter can review that in a day or two and issue a conditional approval.

The appraisal is ordered next and usually takes one to two weeks. It includes the rent schedule that sets the income figure. Title and insurance run in parallel. Delays usually come from the appraiser's rent estimate falling short of the lease, forcing a re-underwrite, or from sourcing large recent deposits.