• No required property-management track record on standard DSCR programs
• Same FICO / LTV / DSCR-ratio matrix as experienced investors
• Same rate at the same scenario - no first-time investor surcharge
• Vest personally or in an LLC; LLC is often the right choice for liability separation from day 1
• Same close timeline (14-21 days) as experienced investors

• You are buying or refinancing your first investment property (or first 2-3 properties)
• The property is 1-4 unit residential investment (not your primary residence)
• You have at least 6 months PITI in reserves (or can document this through bank statements)
• FICO is 620+

Identical to experienced-investor process. Apply, get a term sheet, accept and order appraisal, underwriting, close. The only practical difference is the lender wants to see slightly more reserves and may ask for a property-management plan if the property is in a different state from where you live (a common first-time investor scenario for out-of-state markets).

• Pick markets you can credibly manage or have a property manager for. Out-of-state first-time investors should have a signed PM agreement before close.
• LLC vesting from day 1 is recommended. Some first-time investors title personally to save the LLC setup cost; moving title to an LLC later can trigger due-on-sale clauses.
• Reserves: 6 months PITI is the standard. If your scenario is closer to 1.0 DSCR (rent barely covers payment), some lenders want 9-12 months.
• First-time investors with marginal scenarios (high LTV + low DSCR + low FICO) sometimes get pricing improvements by waiting 6-12 months and refinancing once stabilized.