This report analyzes 3,469 originated DSCR (Debt Service Coverage Ratio) investment-property loans totaling $1.58B across 49 U.S. states, funded January 2025 through June 2026. It is original, first-party origination data from DSCR Capital Partners — published as a public benchmark for real-estate investors, lenders, and researchers. Data may be cited with attribution and a link to this page.
Key findings
- $1.58B across 3,469 DSCR loans in 49 states (Jan 2025 – Jun 2026).
- Cash-out refinance is the #1 use at 47% of loans, ahead of purchase (38%) and rate-and-term refinance (14%).
- Typical loan: $303,750 median ($455,260 average), 1.158 DSCR, 744 average credit score, 70% median LTV.
- Florida is the busiest state (743 loans) and the capital of both short-term-rental lending (43% of all STR loans) and foreign-national lending (71% of all foreign-national loans).
- California leads in dollar volume ($391M) and loan size ($558,000 median).
- 9% of loans were $1M+ (jumbo), concentrated in CA, NY, and FL.
Top States by DSCR Loan Volume
The 15 most active DSCR markets by loan count. Florida, California, New York, and Texas together account for the majority of national volume.
| State | Loans | % of Loans | $ Volume | Median Loan | Median DSCR | Avg FICO | Growth |
|---|---|---|---|---|---|---|---|
| FL | 743 | 21% | $308M | $306,000 | 1.092 | 738 | +238% |
| CA | 532 | 15% | $391M | $558,000 | 1.159 | 751 | +129% |
| NY | 388 | 11% | $283M | $578,125 | 1.171 | 751 | +79% |
| TX | 303 | 9% | $86M | $217,500 | 1.101 | 735 | +127% |
| NJ | 123 | 4% | $53M | $408,000 | 1.143 | 752 | +14% |
| PA | 115 | 3% | $31M | $191,200 | 1.3 | 741 | +81% |
| NC | 101 | 3% | $30M | $199,000 | 1.206 | 742 | +150% |
| CT | 83 | 2% | $38M | $329,000 | 1.319 | 758 | +100% |
| TN | 82 | 2% | $34M | $220,500 | 1.337 | 751 | +113% |
| GA | 82 | 2% | $22M | $241,850 | 1.162 | 739 | +169% |
| MA | 77 | 2% | $39M | $468,000 | 1.074 | 750 | +37% |
| AZ | 75 | 2% | $26M | $280,000 | 1.086 | 741 | +140% |
| VA | 72 | 2% | $21M | $227,250 | 1.234 | 739 | +110% |
| OH | 64 | 2% | $10M | $138,800 | 1.399 | 735 | +110% |
| IL | 58 | 2% | $18M | $253,375 | 1.22 | 740 | +117% |
Loan Purpose Mix
DSCR lending in this period was refinance-led: cash-out and rate-and-term refinances together made up 61% of all loans, as investors tapped built-up equity to redeploy capital.
| Purpose | Share of Loans |
|---|---|
| Cash-Out Refinance | 47% |
| Purchase | 38% |
| Rate-and-Term Refinance | 14% |
Best States for Short-Term Rental (Airbnb) DSCR Loans
Ranked by short-term-rental loan volume. STR concentration (STR loans as a share of the state's total) reveals vacation-rental-driven markets — note Oklahoma (Broken Bow / Hochatown) and Tennessee (the Smokies), where STR is a dominant share of activity.
| # | State | STR Loans | STR % of State | Median STR Loan |
|---|---|---|---|---|
| 1 | FL | 124 | 16.7% | $360,250 |
| 2 | TX | 31 | 10.2% | $343,700 |
| 3 | CA | 27 | 5.1% | $490,000 |
| 4 | TN | 17 | 20.7% | $1,000,000 |
| 5 | NY | 13 | 3.4% | $528,000 |
| 6 | OK | 12 | 40% | $1,262,000 |
| 7 | NC | 10 | 9.9% | $350,350 |
| 8 | SC | 6 | 15.4% | $477,000 |
| 9 | AZ | 6 | 8% | $568,750 |
| 10 | DE | 5 | 62.5% | $581,250 |
Best States for Foreign-National DSCR Loans
Ranked by foreign-national loan volume. Foreign-national lending is overwhelmingly concentrated in Florida — driven by Miami's international buyer base — with most borrowers qualifying without a U.S. credit score.
| # | State | FN Loans | FN % of State | Median FN Loan |
|---|---|---|---|---|
| 1 | FL | 191 | 25.7% | $318,500 |
| 2 | TX | 16 | 5.3% | $233,450 |
| 3 | CA | 15 | 2.8% | $715,000 |
| 4 | PA | 8 | 7% | $170,300 |
| 5 | OH | 7 | 10.9% | $142,100 |
| 6 | VA | 4 | 5.6% | $288,250 |
| 7 | NC | 4 | 4% | $275,000 |
| 8 | IN | 3 | 9.1% | $175,000 |
| 9 | GA | 3 | 3.7% | $243,750 |
| 10 | RI | 2 | 28.6% | $408,800 |
Strongest Cash-Flow Markets (Highest DSCR)
States with the highest median DSCR among higher-volume markets — where rents most comfortably cover the payment.
| State | Median DSCR | % of Loans at DSCR ≥ 1.0 |
|---|---|---|
| OH | 1.399 | 100% |
| TN | 1.337 | 95% |
| CT | 1.319 | 99% |
| PA | 1.3 | 97% |
| VA | 1.234 | 85% |
| IL | 1.22 | 93% |
| MO | 1.209 | 98% |
| NC | 1.206 | 94% |
Largest-Loan (Premium) Markets
States with the largest median DSCR loan size and highest jumbo (≥$1M) share.
| State | Median Loan | % Jumbo (≥$1M) |
|---|---|---|
| NY | $578,125 | 24.5% |
| CA | $558,000 | 21.6% |
| MA | $468,000 | 3.9% |
| WA | $422,500 | 9.6% |
| NJ | $408,000 | 2.4% |
| CT | $329,000 | 8.4% |
| FL | $306,000 | 5.1% |
| AZ | $280,000 | 6.7% |
Fastest-Growing DSCR Markets
Higher-volume states with the strongest growth in monthly loan run-rate (recent vs. prior period).
| State | Loans | Growth |
|---|---|---|
| MO | 51 | +671% |
| NV | 48 | +367% |
| FL | 743 | +238% |
| GA | 82 | +169% |
| NC | 101 | +150% |
| AZ | 75 | +140% |
| CA | 532 | +129% |
| TX | 303 | +127% |
Benchmark Snapshot — The Typical 2026 DSCR Loan
National medians & averages
- Median loan amount: $303,750 (average $455,260)
- Median DSCR: 1.158
- Median LTV: 70% (average 67.6%)
- Average credit score: 744
- Purpose mix: 47% cash-out · 38% purchase · 14% rate/term
- Jumbo (≥$1M) share: 9%
- Short-term-rental share: 8% · Foreign-national share: 8%
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Check My Eligibility →Explore the Markets in This Report
- California · Florida · New York · Texas · Connecticut · Oklahoma DSCR guides
- Brooklyn · Miami cash-out · Miami foreign national city guides
- Short-term rental: Kissimmee · Broken Bow · Miami · Gatlinburg
- Foreign National DSCR program · Airbnb / STR DSCR program · 2026 Requirements
Frequently Asked Questions
What is the average DSCR loan size and rate profile in 2026?
Across 3,469 originated DSCR loans, the median loan was $303,750 (average $455,260), with a median DSCR of 1.158, median LTV of 70%, and an average credit score of 744.
What is the most common purpose for a DSCR loan?
Cash-out refinance is the most common use at 47% of loans, followed by purchase at 38% and rate-and-term refinance at 14%.
Which state has the most DSCR loan activity?
Florida is the busiest DSCR market with 743 loans, and it is also the leading market for both short-term-rental loans (43% of all STR loans) and foreign-national loans (71% of all foreign-national loans). California leads in total dollar volume at $391M.
What share of DSCR loans are jumbo (over $1M)?
About 9% of DSCR loans were $1,000,000 or larger, concentrated in California, New York, and Florida.
Methodology
Figures are derived from 3,469 DSCR investment-property loans originated by DSCR Capital Partners (a brand of UTM Financial, LLC, NMLS #2591548) between January 2025 and June 2026 across 49 states. Medians are used for loan size, DSCR, and LTV to limit the effect of outliers; averages are noted where shown. Short-term-rental and foreign-national designations follow the originating file flags. This is aggregated, de-identified origination data containing no borrower or property-level personal information. Q2 2026 reflects a partial quarter.
DSCR Capital Partners is a brand of UTM Financial, LLC (NMLS #2591548), a licensed mortgage broker. This report is informational and reflects historical origination activity; it is not a rate sheet, an offer, or a commitment to lend. You may cite this data with attribution to DSCR Capital Partners and a link to this page. Equal Housing Lender.