DSCR Loan Florida 2026: Rates, Lenders and Counties From 21,912 Federal Loan Records (2025)
Quick Answer
As of October 5, 2026, the federal loan-level record shows Florida borrowers who took a DSCR-type loan in 2025 paid a median note rate of 7.25%, with the middle half between 6.8% and 7.625%. That is the record of 21,912 loans totaling $7.59 billion in the federal HMDA loan-level data (our arithmetic): median loan $265,000, median combined loan-to-value 70%, 54.6% of loans for purchases and 70.3% placed through brokers or correspondents. In 2024 the median was 7.615% on 15,151 loans, so it fell 0.365 points while the loan count rose 44.6%. “DSCR-type” is our proxy, because HMDA has no DSCR field: a first-lien, 1-4 unit, investment-property loan made for a business purpose with no debt-to-income ratio reported and a term of 30 years or more. These are note rates only: HMDA shows no points, fees or prepayment penalties for these loans.
Key Takeaways
- Florida 2025: 21,912 DSCR-type loans for $7,593,140,000, up 44.6% in count and 46.8% in dollars from 15,151 loans in 2024. They were 42.4% of all conventional investment-property originations, up from 32.7%.
- Median note rate 7.25% in 2025 (10th to 90th percentile 6.5% to 8.125%; middle half 6.8% to 7.625%), down from 7.615% in 2024. On a $265,000 loan the 25th-to-75th percentile gap is $148.05 a month, $1,777 a year (our arithmetic).
- The typical loan: $265,000 median, 70% median combined loan-to-value (75% at the 75th percentile, only 228 loans above 80%), 54.6% purchases and 31.4% cash-out refinances.
- Who prices lowest is lender-specific, not channel-specific: loans applied for directly had a 7.25% median and broker loans 7.249%, but the medians of the top 10 lenders (leaving out any lender priced far above the market) run from 6.875% to 7.375%, worth $89.43 a month on the median loan. The top 10 lenders made 52.5% of the loans.
- DSCR-type loans cost more than conventional investor loans qualified on income: median 7.25% against 7% in 2025, a gap of 0.25 points ($44.72 a month, $537 a year on the median loan), down from 0.49 points in 2024.
- What HMDA cannot show: discount points were reported on 0% of these loans and the prepayment-penalty field is NA on 100%. Compare offers on points, fees and prepayment terms as well as note rate.
CSV · 387 rows
Florida DSCR-type loans in federal HMDA data, 2024-2025
387 rows: Florida DSCR-type loan counts, dollars, note-rate percentiles, loan size, LTV, purpose, channel, top lenders, named lenders and counties for 2024 and 2025, plus payment arithmetic. One source per row.
What a DSCR loan costs in Florida: the public loan-by-loan record
Lender websites quote a starting rate for the best file. The federal Home Mortgage Disclosure Act (HMDA) record shows what borrowers actually signed. Each year most mortgage lenders report every loan they originate, with its note rate, amount, loan-to-value ratio, purpose, property type and county, and the Consumer Financial Protection Bureau and the FFIEC publish the loan-level file. We downloaded the Florida files for 2024 and 2025 on October 5, 2026 and computed everything on this page from them (our arithmetic). Our other DSCR pages cover what a DSCR loan is, rates by borrower tier from lender and securitization data, lender requirements and DSCR versus a conventional loan. This page adds the state record. The neighboring state's version is DSCR loan Texas.
How we found the DSCR loans, and what HMDA cannot tell you
HMDA has no “DSCR” field, so we built a proxy from fields that exist. Federal rules cover a business-purpose loan only if it is a purchase, home improvement or refinancing: the Regulation C commentary says such a loan “is a covered loan only if it is a home improvement loan under § 1003.2(i), a home purchase loan under § 1003.2(j), or a refinancing under § 1003.2(p) and no other exclusion applies.” And a lender that decides a loan without using the borrower's debt-to-income ratio reports that field as not applicable, “since no debt-to-income ratio was relied on in connection with the credit decision.” A DSCR lender underwrites on the property's rent, so its loans show up as business-purpose investment loans with DTI “NA.” Our definition of a DSCR-type loan:
- originated, conventional (not FHA, VA or USDA), first lien, closed-end, not a reverse mortgage;
- occupancy type 3 (investment property), 1 to 4 units;
- business or commercial purpose = yes;
- debt-to-income ratio = NA (the 6 Florida loans coded “Exempt” in 2025 are left out);
- loan term of 360 months or longer, which excludes the 12- to 36-month bridge and fix-and-flip loans (we count those separately as “short-term”).
In 2025 Florida had 354,300 conventional originations, 51,719 on investment property, 40,851 of those for a business purpose and 29,531 of those with DTI reported as NA. The 21,912 DSCR-type loans are the 30-year-or-longer part of that group.
This is a proxy and it has limits, which we state so you can weigh the numbers:
- It is not a clean DSCR count. Other no-DTI business loans land in it, and so do loans to LLCs, trusts and corporations, where the rules also call for NA on DTI. Entity borrowers are 19.7% of the 2025 loans (our proxy for them is the FFIEC edit that codes a “non-natural person”).
- Note rate, not cost. The field is the interest rate on the note. Discount points were reported on 0% of these loans, the prepayment-penalty term is NA on 100%, and there is no credit score, no DSCR and no rent in the public file. A low note rate with a heavy prepayment penalty or points can cost more than a higher rate without them.
- Rounded amounts. Public loan amounts are band midpoints (the share of DSCR-type loan amounts ending in 5,000 is 100%), and the FFIEC field list says property values are “Rounded to the midpoint of the nearest $10,000 interval for which the reported value falls,” so medians land on multiples of $5,000.
- Who is missing. Lenders below HMDA's reporting thresholds do not file. A loan is listed under the institution that reported it, so a lender that funds through a partner can look small.
- The two years differ in vintage. The 2024 file is the FFIEC's one-year dataset and 2025 is the snapshot dataset, both downloaded October 5, 2026. Part of the 2024-to-2025 increase in loan counts may reflect reporting changes, not only demand.
Florida DSCR-type loans, 2024 vs 2025
Florida DSCR-type loans in HMDA, 2024 vs 2025
| Measure | 2024 | 2025 |
|---|---|---|
| DSCR-type loans | 15,151 | 21,912 |
| Dollars lent | $5,172,265,000 | $7,593,140,000 |
| Share of all investment-property conventional loans | 32.7% | 42.4% |
| Note rate, 10th percentile | 6.75% | 6.5% |
| Note rate, 25th percentile | 7.125% | 6.8% |
| Note rate, median | 7.615% | 7.25% |
| Note rate, 75th percentile | 8.059% | 7.625% |
| Note rate, 90th percentile | 8.75% | 8.125% |
| Median loan amount | $265,000 | $265,000 |
| Loan amount, 25th percentile | $195,000 | $185,000 |
| Loan amount, 75th percentile | $385,000 | $385,000 |
| Median combined LTV | 70% | 70% |
| 75th percentile combined LTV | 75% | 75% |
| Median property value | $395,000 | $385,000 |
| Purchase loans | 57.4% | 54.6% |
| Cash-out refinances | 30.1% | 31.4% |
| Rate-and-term refinances | 9.3% | 11.8% |
| Interest-only payments | 11.3% | 11.6% |
| Adjustable rate | 10.1% | 6.2% |
| 40-year term | 1.3% | 2% |
| 2-4 unit properties | 9.5% | 9.9% |
| Through a broker or correspondent | 69.7% | 70.3% |
| Borrower is an entity (LLC, corporation, trust) | 25.5% | 19.7% |
| Sold to a private securitizer in the same year | 20.9% | 24.1% |
| Lenders with at least one such loan | 175 | 191 |
Three things stand out. The market grew: 15,151 loans in 2024 became 21,912 in 2025, and 46.8% more dollars. Price fell: the median note rate went from 7.615% to 7.25%, while the conventional investor median moved from 7.125% to 7%, so the DSCR premium narrowed from 0.49 points to 0.25 points. And the loan is mostly a plain one: fixed rate (7.25% median), amortizing for most borrowers (interest-only is 11.6%), with 40-year terms at only 2%. Of the 2025 loans, 24.1% were sold to a private securitizer within the year and 26.1% were not sold at all in 2025, which is consistent with lenders funding these loans and selling them in bond deals later, as we describe in what a DSCR loan is.
What the spread in note rates costs
The middle half of Florida DSCR-type borrowers paid between 6.8% and 7.625%; the 10th percentile was 6.5% and the 90th 8.125%. On the $265,000 median loan, a 30-year fixed payment at each point looks like this:
Monthly principal and interest on a $265,000 loan, 30-year fixed, at each Florida 2025 rate (our arithmetic)
| Where the rate falls | Note rate | Monthly principal and interest |
|---|---|---|
| 25th percentile (cheapest quarter ends here) | 6.8% | $1,727.60 |
| Median | 7.25% | $1,807.77 |
| 75th percentile (costliest quarter starts here) | 7.625% | $1,875.65 |
| Conventional investor loan (qualified on DTI), median | 7% | $1,763.05 |
The 25th-to-75th percentile gap is $148.05 a month, $1,777 a year. The gap between the DSCR median and the conventional investor median (7%, 6,933 loans qualified on DTI) is $44.72 a month, $537 a year. Those conventional borrowers documented their income, so they are not the same borrowers, and this is a comparison of two markets, not a quote.
Which loans got the lower rate
Florida DSCR-type loans in 2025: median note rate by segment
| Cut | Segment | Loans | Median note rate |
|---|---|---|---|
| Loan purpose | Purchase | 11,959 | 7.125% |
| Loan purpose | Cash-out refinance | 6,874 | 7.25% |
| Loan purpose | Rate-and-term refinance | 2,595 | 7.25% |
| Combined LTV | LTV 60% or less | 4,367 | 6.999% |
| Combined LTV | LTV over 60% to 70% | 6,618 | 7.125% |
| Combined LTV | LTV over 70% to 75% | 5,381 | 7.25% |
| Combined LTV | LTV over 75% to 80% | 3,194 | 7.25% |
| Combined LTV | LTV over 80% | 228 | 7.375% |
| Loan size | Loan under $150,000 | 2,683 | 7.375% |
| Loan size | Loan $150,000 to $299,999 | 10,407 | 7.125% |
| Loan size | Loan $300,000 to $499,999 | 5,679 | 7.125% |
| Loan size | Loan $500,000 to $999,999 | 2,422 | 7.25% |
| Loan size | Loan $1,000,000 or more | 721 | 7.25% |
| Channel | Applied directly to the lender | 6,511 | 7.25% |
| Channel | Through a broker or correspondent | 15,401 | 7.249% |
| Borrower | Borrower is an entity (LLC, corporation, trust) | 4,318 | 7% |
| Borrower | Borrower is a natural person | 17,594 | 7.25% |
| Rate type | Fixed rate | 20,560 | 7.25% |
| Rate type | Adjustable rate | 1,352 | 6.75% |
| Rate type | Interest-only | 2,549 | 7.125% |
| Property | Single-family (1 unit) | 19,732 | 7.249% |
| Property | 2-4 units | 2,180 | 7.25% |
Reading across the cuts, with the caveat that these are medians of different borrower mixes, not prices for the same file:
- Leverage. The median was 6.999% for loans at 60% LTV or below and 7.375% for loans above 80% (228 loans), so leverage moves the median rate less than most borrowers expect. HMDA does not show the DSCR ratio or credit score that do the rest of the pricing.
- Purpose. Median note rate was 7.125% on purchases, 7.25% on cash-out refinances and 7.25% on rate-and-term refinances.
- Channel. Applied directly to the lender: 6,511 loans at a 7.25% median. Through brokers and correspondents: 15,401 loans at 7.249%. The channel on its own did not move the median; the lender did.
- Loan size. 2,683 loans under $150,000 had a 7.375% median and 721 loans of $1 million or more had 7.25%.
- Borrower and structure. Entity borrowers had a 7% median and natural persons 7.25%. Adjustable-rate loans (1,352 loans) had 6.75%, interest-only loans (2,549) 7.125%, single-family 7.249% and 2-4 unit properties 7.25%.
Who makes Florida DSCR loans
Top 10 DSCR-type lenders in Florida by 2025 loans (names as filed with HMDA)
| Lender | Loans 2025 | Share | Median rate | Middle half of rates | Median loan | Median LTV | Via brokers | Loans 2024 |
|---|---|---|---|---|---|---|---|---|
| A&D MORTGAGE LLC | 2,672 | 12.2% | 6.99% | 6.625%-7.625% | $245,000 | 70% | 97.3% | 1,867 |
| United Wholesale Mortgage | 1,771 | 8.1% | 7.375% | 6.875%-7.875% | $225,000 | 70% | 100% | 1,690 |
| CHAMPIONS FUNDING, LLC | 1,317 | 6% | 7.375% | 6.999%-7.75% | $285,000 | 79.999% | 100% | 226 |
| Hometown Equity Mortgage, LLC | 1,020 | 4.7% | 7.25% | 6.875%-7.625% | $295,000 | 75% | 0% | 630 |
| HomeXpress Mortgage Corp. | 876 | 4% | 7.25% | 6.875%-7.75% | $255,000 | 72.7% | 100% | 49 |
| CROSSCOUNTRY MORTGAGE, LLC | 824 | 3.8% | 7.125% | 6.75%-7.5% | $275,000 | 73.602% | 4.5% | 477 |
| AmWest Funding Corp | 794 | 3.6% | 6.875% | 6.5%-7.25% | $245,000 | 66.535% | 92.9% | 507 |
| Deephaven Mortgage LLC | 777 | 3.5% | 7.125% | 6.875%-7.5% | $235,000 | 70% | 100% | 731 |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | 767 | 3.5% | 7.249% | 6.99%-7.624% | $255,000 | 70% | 97.9% | 694 |
| OCMBC, INC. | 691 | 3.2% | 6.999% | 6.75%-7.499% | $275,000 | 75% | 100% | 465 |
The market is concentrated: the top 10 lenders made 52.5% of the 21,912 loans, and 191 lenders filed at least one. Their medians sit close together, from 6.875% (AmWest Funding Corp) to 7.375% (United Wholesale Mortgage); on the $265,000 median loan that gap is $89.43 a month, $1,073 a year (our arithmetic). Most of the ten are wholesale lenders reached through mortgage brokers (see the “Via brokers” column); the exceptions are Hometown Equity Mortgage, LLC (0%) and CROSSCOUNTRY MORTGAGE, LLC (4.5%). The list moves fast: CHAMPIONS FUNDING, LLC went from 226 loans in 2024 to 1,317 in 2025; HomeXpress Mortgage Corp. went from 49 loans in 2024 to 876 in 2025.
The lenders investors search for by name
Lenders investors search for by name: their Florida HMDA records
| Lender | DSCR-type loans 2025 | Median rate 2025 | DSCR-type loans 2024 | Median rate 2024 | Short-term loans 2025 | Short-term median 2025 |
|---|---|---|---|---|---|---|
| Kiavi Funding | 464 | 7.25% | 373 | 7.375% | 1,921 | 10.5% |
| Investor Mortgage Finance (Visio Lending) | 274 | 7.225% | 358 | 7.7% | 0 | under 10 loans |
| Lima One Capital | 64 | 7.029% | 113 | 7.8% | 200 | 9.95% |
| LendingOne | 177 | 7.01% | 157 | 7.04% | 94 | 10.24% |
| Angel Oak Mortgage Solutions | 767 | 7.249% | 694 | 7.625% | 0 | under 10 loans |
| Velocity Commercial Capital | 448 | 9.865% | 308 | 10.615% | 49 | 10.99% |
| Easy Street Capital | 0 | under 10 loans | 0 | under 10 loans | 590 | 9.9% |
| Griffin Funding | 7 | under 10 loans | 0 | under 10 loans | 0 | under 10 loans |
Search interest in Florida DSCR lenders runs to brand names, and the brand-name lenders are not where most Florida volume sits. Kiavi shows 464 DSCR-type loans at a 7.25% median, but 1,921 short-term loans (36 months or less, the fix-and-flip and bridge type) at 10.5%. Investor Mortgage Finance LLC, the lender entity named in Visio Lending's website footer, shows 274 DSCR-type loans at 7.225%. Lima One shows 64 DSCR-type loans (7.029%) and 200 short-term loans; LendingOne 177 (7.01%); Angel Oak Mortgage Solutions 767 (7.249%); Velocity Commercial Capital 448 at 9.865%, well above the rest of the market; Easy Street Capital 0 DSCR-type loans but 590 short-term loans at 9.9%. Griffin Funding appears on only 7 loans here: HMDA records a loan under the institution that reported it, so a lender that closes loans another institution approved can look small (our Griffin Funding review looks at this, and our Angel Oak Mortgage review covers one of the wholesale lenders). Velocity's high median matches the high coupons it reports in its own SEC filings, covered in what a DSCR loan is.
“Short-term” is our proxy for bridge and fix-and-flip loans: business-purpose, investment-property, no DTI, first lien, 36 months or less. Across Florida, there were 5,691 such loans in 2025 at a 10.45% median, roughly 3.20 points higher than a DSCR-type loan. See also Visio vs Velocity vs Kiavi, the best DSCR lenders and our check of 20 DSCR lenders' licenses and complaints.
Where in Florida: the top 10 counties
Top 10 Florida counties by 2025 DSCR-type loans (HMDA)
| County | Loans 2025 | Share of state | Median rate 2025 | Median loan | Median LTV | Loans 2024 | Change | Median rate 2024 |
|---|---|---|---|---|---|---|---|---|
| Miami-Dade County | 3,605 | 16.5% | 7% | $355,000 | 69.785% | 2,442 | 47.6% | 7.5% |
| Broward County | 1,895 | 8.6% | 7.25% | $325,000 | 70% | 1,358 | 39.5% | 7.625% |
| Orange County | 1,347 | 6.1% | 7% | $275,000 | 70% | 974 | 38.3% | 7.5% |
| Palm Beach County | 1,314 | 6% | 7.25% | $315,000 | 70% | 953 | 37.9% | 7.625% |
| Lee County | 1,222 | 5.6% | 7.25% | $255,000 | 73.5% | 736 | 66% | 7.625% |
| Osceola County | 1,135 | 5.2% | 7.125% | $265,000 | 70% | 1,041 | 9% | 7.375% |
| Duval County | 1,064 | 4.9% | 7.25% | $165,000 | 74.999% | 711 | 49.6% | 7.25% |
| Polk County | 1,008 | 4.6% | 7.125% | $215,000 | 70% | 739 | 36.4% | 7.625% |
| Hillsborough County | 941 | 4.3% | 7.25% | $255,000 | 74.606% | 586 | 60.6% | 7.625% |
| Pinellas County | 838 | 3.8% | 7.25% | $285,000 | 71.925% | 523 | 60.2% | 7.75% |
Miami-Dade County alone made 3,605 of the state's loans (16.5%), and the top 10 counties together made 65.6%. Loan size is the big county difference: the median loan was $355,000 in Miami-Dade County and $165,000 in Duval County. Median note rates differ much less, from 7% in Miami-Dade County to 7.25% in Broward County. Growth was uneven: Lee County rose 66% from 2024, Osceola County only 9%. The counties are the metros investors search for: Miami-Dade is Miami, Orange is Orlando, Hillsborough is Tampa, Duval is Jacksonville, Lee is Fort Myers and Cape Coral.
Florida closing taxes on a DSCR loan
A Florida mortgage carries two state taxes at recording. Under Fla. Stat. 201.08(1)(b) the documentary stamp tax on a mortgage is “35 cents on each $100 or fraction thereof of the indebtedness” (the 2025 statute), and under Fla. Stat. 199.133(1) “a one-time nonrecurring tax of 2 mills is hereby imposed on each dollar” of the value of notes secured by Florida real property. On the $265,000 median loan that is $927.50 of documentary stamp tax plus $530.00 of intangible tax, $1,457.50 in total, 0.55% of the loan (our arithmetic). Your closing agent calculates the exact amount; the point is to add it to the lender's own fees when you compare offers, because HMDA shows neither.
What a Florida investor can do with this
- Place any quote on the distribution. A note rate at or below 6.8% was in the cheapest quarter of Florida DSCR-type loans in 2025; at or above 7.625% it was in the costliest quarter. Rates move with the market and with your file, so use 2025 as a range, not a target, and ask for today's quote.
- Ask for the whole price. HMDA cannot show points, lender fees or the prepayment penalty, and they change what a rate costs. Ask each lender for a Loan Estimate-style breakdown and the penalty schedule in writing.
- Get more than one lender's quote, from different channels. The channel moved the median rate little, but lenders differed: the top-10 medians span $89.43 a month on the median loan. A broker can reach several wholesale lenders; a direct lender gives one price.
- Check whether you qualify conventionally. If you have documented income and room under the conventional property limit, the conventional investor median was 7% in 2025, against 7.25% for DSCR-type loans. Our DSCR vs conventional comparison and DSCR calculator help you see which one your property clears.
- Mind leverage. The median combined LTV was 70%, and only 228 loans went above 80%. Most of the market lent at 75% or less (75% at the 75th percentile).
FAQ
Loan-level data: FFIEC/CFPB HMDA Data Browser, Florida originated conventional loans for 2024 and 2025, downloaded October 5, 2026 (the exact request URLs are in the data file and the script in sources/); definitions from the Regulation C text and commentary and the FFIEC HMDA field list; lender names from the FFIEC filer lists; county names from the Census Bureau 2020 county list; Visio Lending's lender entities from its website footer. All percentiles, medians, shares and payment figures are our arithmetic. This is analysis of public documents, not investment, legal or tax advice, and not a loan offer.
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