DSCR Loan Arizona 2026: Top Lenders Ranked, Median Rates

The ranking: who makes DSCR-type loans in Arizona

This page ranks lenders. The national version is on our DSCR lenders ranked by loans page, which counted 154,354 loans from 466 lenders in 2025; Arizona’s 2,868 loans from 121 lenders are 1.9% of that national count (our arithmetic). The state list is shaped by who works Arizona brokers and who works Arizona borrowers directly.

Top 20 Arizona DSCR-type lenders, 2025 (ties at 37 loans broken alphabetically)

What the ranking shows:

• Wholesale first. The three largest lenders (UWM, Champions, HomeXpress) took every loan through brokers and made 685 loans, 23.9% of the state. Ten of the top 20 took at least 97% through brokers. In total 1,946 of 2,868 loans (67.9%) were not submitted directly to the lender.
• Direct lenders cluster in the middle of the table. Hometown Equity (109), Fairway Independent (57) and American Heritage (37) report 0% through brokers. CrossCountry Mortgage reports 10.8% through brokers and the lowest median rate of the five largest (7%) and 48 of its 130 loans are in Pima County.
• Interest-only is a lender trait. All 81 of AmWest’s loans are interest-only; UWM reports none of its 349 so. Across the state 417 loans (14.5%) are interest-only. If you want an interest-only payment, the lenders that report it are a short list.
• Concentration is moderate, not extreme. The top 5 made 33.3% of loans (954), the top 10 49.8% (1,428) and the top 20 68.3% (1,960). 53 lenders made 10 or more; 21 made exactly one (our arithmetic).
• Banks are a footnote. Lenders whose HMDA names contain bank or credit-union words made 59 loans, 2.1% of the total; MidFirst Bank (25) and FirstBank (8) were the largest.

Kiavi, Visio, LendingOne, Lima One, Velocity and RCN in Arizona

The platform lenders readers ask about are small in Arizona’s DSCR-type count, though not in its investor-loan count. Kiavi Funding reported 56 DSCR-type loans at a 7% median and a $225,000 median loan, but 397 conventional first-lien investor loans in total (median rate 10.95%, which tells us most were short-term). Investor Mortgage Finance LLC, the Visio Lending affiliate on our Colorado page, reported 37 at 6.95%, 20 of them with the county field NA. LendingOne reported 19 (median 6.7%), Lima One Capital 11 (6.525%), Velocity Commercial Capital 53 (9.865%) and RCN Capital 6. These are HMDA-visible loans only; see our Kiavi review for the company itself. For the short-term loans in the same file, our Arizona hard money loans page counts 1,014 and finds a 10.5% median.

Investor loans versus DSCR-type loans: who sells which

A lender can be huge in Arizona investor loans and nearly absent from DSCR. HMDA’s investment-property file includes conventional loans where the borrower’s income was reported, and those are priced differently.

Largest Arizona lenders by conventional first-lien investor loans, 2025, with their DSCR-type count

Three readings. First, Champions, HomeXpress and OCMBC are DSCR specialists: 94% (188 of 199), 88% (148 of 169) and 87% (139 of 159) of their Arizona investor loans meet our DSCR-type test. Second, Rocket, PennyMac, NOVA and V.I.P. Mortgage are large investor lenders with at most 3 DSCR-type loans each in Arizona (the file lists 469, 266, 173 and 163 investor loans), so a list of investor-loan lenders is not a list of DSCR lenders (our arithmetic). Third, the investor-loan medians of Kiavi (10.95%) and Merchants Mortgage & Trust (10%) are short-term-loan prices; their DSCR-type rates are what to compare with the table above. All 956 of UWM’s investor loans were made for a business purpose; the other 607 either reported a debt-to-income ratio or had a term under 30 years.

What rates did the market price? Arizona 2025

The middle half of Arizona DSCR-type borrowers paid between 6.875% and 7.625% in 2025, with the 10th percentile at 6.5% and the 90th at 8.125%.

Arizona DSCR-type loans, 2025 (federal HMDA data, our arithmetic)

The DSCR premium is thin: 7.25% against 6.999% for income-qualified business-purpose investor loans is 0.251 points. Rates barely moved with loan size: the median was 7.375% under $150,000 and 7.25% in the three larger bands up to $500,000 and above. By loan-to-value the median was 7% at 60% or less and 7.25% above 60% in each higher band; the 270 loans with no LTV reported had 7.5%. Loans through brokers had a 7.25% median and direct loans 7.125% (our arithmetic).

Monthly principal and interest on the $285,000 median loan, 30-year fixed, at each Arizona 2025 rate (our arithmetic)

The distance from the 25th to the 75th percentile is $144.96 a month, $1,739.52 a year. The gap between a 6.875% and a 7.25% quote is $71.96 a month, $863.46 a year. Those are note rates at origination in 2025, not today’s quotes; see DSCR loan rates 2026 for the current picture, and our DSCR calculator to put in your own rent.

Where in Arizona: Maricopa and everything else

Three counties made 2,334 of the 2,868 loans (81.4%): Maricopa (1,784), Pima (360) and Pinal (190).

Arizona counties with 50 or more DSCR-type loans in 2025

Maricopa has the volume but not an unusual share: 26.3% of its investor loans were DSCR-type, close to the state’s 26.2%. Mohave, a smaller market with a $205,000 median loan, has the highest share of the seven (29.4%). Yavapai and Coconino lean toward larger, less DSCR-heavy loans: Coconino’s median is $525,000, with a 21.3% share. Another 32 loans carry no county in the file; the county column is NA. Small-county medians rest on a few dozen loans: read them as direction.

Arizona rules that touch a DSCR loan

None of these changes how a lender divides rent by debt service. They do change the numbers that go into the rent, the tax line and the reserve. Every statute below was read on azleg.gov on October 28, 2026; we are quoting short phrases and giving our reading, not legal advice.

Arizona statutes relevant to a DSCR borrower

The lender-licence row needs more care than a table cell. The 6-941 definition of “mortgage loan” covers “any loan, other than a mortgage banking loan, secured by a mortgage or deed of trust” on Arizona real estate and does not mention residential property or consumers. The exemption for institutional investors (6-942(A)(10)) is lost if the investor makes any loan other than a “commercial mortgage loan”, and 6-971 defines commercial property so that it excludes real estate used for a one to four family residence. On our reading, a loan secured by a single-family rental is therefore not a commercial mortgage loan for that exemption. We did not find an agency interpretation applying this to DSCR lenders, so how the Department of Insurance and Financial Institutions treats any given lender is not verified. For the same statutes applied to short-term bridge lenders, see our Arizona hard money loans page.

Property tax: what the 5% cap does and does not do. The cap applies to limited property value, not to the tax bill: a new levy, a bond or a change in the property itself can still move the dollars. Rates per $100 of assessed value vary by taxing district, and we did not verify a district rate, so our worked figures stop at assessed value: a $400,000 limited value is assessed at $40,000, and the following year’s limit of $420,000 is assessed at $42,000 (our arithmetic). Our DSCR loan requirements page explains how lenders treat the tax line.

Rent tax and short-term income. Statute 42-6004(H) bars a city or town from taxing the business of renting for residential purposes after December 31, 2024, so we found no city rental tax to subtract from long-term rent in a lender’s calculation. Short-term and transient lodging are excluded from the bar, and cities may still require a permit. Whether a given lender counts short-term income is a lender rule HMDA does not record; see our short-term rental DSCR page. Statewide transaction privilege tax on lodging was not read for this page: not verified.

What the Maricopa median looks like

Maricopa’s median DSCR-type loan was $305,000 at 7.25%, with 70% as the state’s median loan-to-value. Principal and interest is $2,080.64 a month, so a 1.25 DSCR on that payment alone needs $2,600.80 of monthly rent. A DSCR lender adds property tax and insurance to the payment in most formulas, so the real rent requirement is higher (our arithmetic). Of the 1,784 Maricopa loans, 660 were purchases and 675 were cash-out refinances; 1,249 came through brokers.

How we read the federal file

The Home Mortgage Disclosure Act (HMDA) file lists every loan a reporting lender originates, with its note rate, amount, loan-to-value, purpose, county and lender. We downloaded the 2025 Arizona file from the FFIEC HMDA Data Browser on October 28, 2026: 183,878 originated loans, all types and occupancies (the request filter on occupancy is not applied by the browser API, so we applied it ourselves). We counted from the raw file with a saved script. Of those, 12,967 were investment property and 12,494 had 1-4 units; after removing reverse mortgages and open-end lines, 11,445 remained; 11,185 were conventional (not FHA, VA or USDA) and 10,960 were first liens. Of the 10,960, 7,475 were made for a business purpose, 4,073 of them with no debt-to-income ratio reported (NA). The 2,868 DSCR-type loans are the 30-year-or-longer part of that group. The loan term in HMDA is in months, so 360 means 30 years. One lender, Emporium TPO LLC, reports some terms in years (30 and 40 in the months field); we counted its 30 loans reported with a 30-year term as 360 months, as our national page does. Rates reported as NA or exempt (9 loans) are left out of the rate statistics. Percentiles use linear interpolation.

Limits, so you can weigh the numbers:

• A proxy, not a census. HMDA does not mark DSCR loans. Other no-debt-to-income business loans fall into the group, such as bank-statement or asset-based loans, and DSCR loans reported with a ratio or a shorter term do not.
• Originated loans only. Denied and withdrawn applications are not in this file, so we cannot show denial rates.
• Rates, not prices. Discount points are NA on 2,866 loans and Exempt on 2; the prepayment-penalty term is NA on all 2,868; the file has no credit score, rent or DSCR ratio.
• Rounded amounts. Loan amounts are rounded in the public file, so medians land on round figures.
• One year. This page uses 2025 only; we did not compare it with 2024.
• Lender names are as filed. Corporate groups can file under several names, and lenders below the reporting thresholds are missing.
• Statutes were read on azleg.gov in the form posted on October 28, 2026; we did not review case law, county ordinances or agency guidance.

What an Arizona investor can do with this

1. Get three quotes from different kinds of lender. A wholesale lender behind a broker, a direct lender such as Hometown Equity or CrossCountry, and a platform lender. The spread between the lowest and highest median among the top 10 is 7.5% to 6.875%, 0.625 points, worth about $120.51 a month on $285,000 (our arithmetic).
2. Rank by DSCR loans, not investor loans. Rocket and PennyMac are large investor lenders and have almost no DSCR-type loans in Arizona.
3. Ask for the cost sheet. Points, fees and the prepayment penalty are not in HMDA. Ask for them in writing before you pay for an appraisal; our DSCR versus conventional comparison shows how to compare.
4. Put the tax line in the DSCR. Use the county’s assessed value (10% of limited value for a rental) and your district’s rate; the 5% cap limits value growth but not bills.
5. Check the license and the lease. If you plan short-term rental income, a permit may be required and cannot be refused by an outright ban. Long-term leases should state the late fee and keep the deposit at or below one and one-half months of rent.

FAQ

Related reads: Texas, Colorado and Maryland DSCR pages use the same federal definition.

Loan-level data: FFIEC/CFPB HMDA Data Browser, originated loans for Arizona, 2025, downloaded October 28, 2026 (request URL and counting script described in the data file); definitions from the FFIEC HMDA field list and the Regulation C commentary; lender names from the FFIEC 2025 filer list; counties from the FIPS county codes in the file. Statutes from the Arizona Revised Statutes on azleg.gov: 6-941, 6-942, 6-971, 9-500.39, 33-1321, 33-1368, 42-6004, 42-12004, 42-13301, 42-15004 and 44-1201. All counts, shares, medians, percentiles and payment figures are our arithmetic. This is analysis of public documents, not investment, legal or tax advice, and not a loan offer.