Augusta's rental market runs on the Army installation west of the city, the medical district and a growing cyber workforce. Investors who bought in Columbia County or the older Augusta neighborhoods can use a DSCR cash-out to pull equity without tax returns.
In short: LendingStreet offers DSCR cash-out refinances on Augusta-area investment properties with 1-8 units, up to 75% of appraised value. The loan qualifies on rent, not W-2s or tax returns, starts at $150,000 and needs a 620 credit score, and the rent has to cover the new payment at 1.0x on standard programs. In Augusta, Georgia's intangible recording tax, military tenant turnover and storm-related insurance changes are the local items to check.
A cash-out refinance replaces your current mortgage with a larger one and hands you the difference at closing. The new loan can reach 75% of appraised value, and no W-2s or tax returns are needed because the loan qualifies on the property's rent.
The test is simple: monthly rent divided by the full new payment, which covers principal, interest, taxes, insurance and HOA dues. Standard programs need 1.0x or better at the new loan amount, and sub-1.0 programs exist for some properties.
Common uses include the down payment on the next rental, renovation budgets on other properties, paying off short-term bridge or rehab debt and building reserves for the portfolio.
The Army installation long known as Fort Gordon is home to Army Cyber, and its soldiers and contractors rent across Grovetown, Evans, Martinez and Hephzibah. The medical district around Augusta University and the hospitals adds steady demand near downtown, Summerville and West Augusta.
Columbia County carries newer homes and higher values, while Augusta-Richmond County has older, lower-priced housing. North Augusta and Aiken County sit across the river in South Carolina, with different tax rules. Masters week also brings short rental income to many homeowners, but lenders do not count that one-week income as regular rent.
Expansion of Army Cyber and related contractors has added higher-income tenants over the past decade, which has supported rents in Columbia County subdivisions.
Georgia taxes property on 40% of fair market value, a 40% assessment ratio, and the millage is set by the county and school system. Homestead exemptions apply only to a primary residence, so a rental bought from an owner-occupant usually sees a higher bill.
Augusta-Richmond and Columbia County have different millage rates and assessment practices. Use the current bill and assessment notice for the property's county.
Hurricane Helene brought damaging winds to the Augusta area in 2024, and many properties lost roofs or trees. Insurers now look closely at roof age and nearby large trees, and premiums have moved up in some cases.
Older homes in Harrisburg, Summerville and other in-town neighborhoods can carry deferred maintenance that an appraiser will note. Newer Grovetown and Evans homes usually have fewer condition questions and lower insurance premiums.
If your property had storm repairs, keep the invoices, permits and insurance claim records so the appraiser and underwriter can see the work is complete.
Many Augusta tenants are servicemembers, and federal law lets them end a lease early when they receive permanent change of station or deployment orders. That makes turnover planning important, but it does not stop a property from qualifying on its lease or market rent.
Check whether your city or county requires business licenses for rentals and whether your HOA restricts leasing, which is common in newer Columbia County subdivisions.
Augusta-Richmond County also enforces property maintenance codes, and open code cases can surface in title work. Clear them before you apply.
This example is illustrative and not a quote. An investor owns a Grovetown house leased to a military family. It appraises at $280,000 with an existing payoff of $110,000. Rent is $1,950 a month, taxes are $230 a month and insurance is $125.
At 75% LTV the new loan is $210,000, which leaves about $100,000 after the $110,000 payoff, before closing costs. Estimated principal and interest on a 30-year schedule is about $1,468, so the total payment is about $1,823 and the DSCR is about 1.07x, above the 1.0x standard minimum.
Before settling on a cash amount, test the ratio at two or three loan sizes. The cash difference between them is often smaller than investors expect, while the extra cushion helps when taxes or insurance rise.
| Item | At 75% LTV |
|---|---|
| Appraised value | $280,000 |
| New loan amount | $210,000 |
| Existing loan payoff | $110,000 |
| Cash before closing costs | $100,000 |
| Estimated principal and interest | About $1,468 |
| Taxes and insurance | $355 |
| Total monthly payment | About $1,823 |
| DSCR at $1,950 rent | About 1.07x |
Georgia charges an intangible recording tax on long-term notes secured by real estate, and on a refinance it often applies mainly to the new money above the existing balance, depending on structure. Georgia closings are handled by an attorney. Ask the closing attorney for the figure early.
How long you have owned the property affects the loan. Seasoning requirements vary by program, so share your purchase date and any renovation costs up front.
Pull these together before you apply.
Our investor loans are business-purpose loans on non-owner-occupied property. Tell us the address, rent, payoff and the cash you need, and we will check the ratio with realistic Augusta-Richmond County taxes and insurance before ordering an appraisal.
If the full 75% does not fit, we will show what does, including sub-1.0 programs. Get a quote with the form below or call (877) 298-1001, and see our Georgia cash-out page for statewide details.
It may. The tax is based on the note amount, and on refinances it often applies to the new money. The closing attorney will calculate it.
Generally not. One week of event income is not treated as regular rent. The loan qualifies on the lease or market rent.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Two things: the 75% LTV cap on cash-out and the ratio at the new payment. Whichever produces the smaller loan sets the amount.
Seasoning varies by program. Some allow a cash-out soon after purchase; others require several months of ownership or cap the loan at cost plus documented improvements.
No. A servicemember's lease counts like any other. Federal law allows early termination on orders, so plan for turnover.
Yes. We finance 1-8 unit rentals in Columbia County, Augusta-Richmond County and across Georgia and South Carolina.
Yes. Rentals near the hospitals and Augusta University qualify on their leases. Older homes in the area may need condition items addressed before the appraisal.
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