Flint-area rentals can produce strong rent relative to price, especially in Grand Blanc, Flint Township, Burton and Fenton. A DSCR cash-out refinance can pull equity on the rent alone, but low values in parts of the city mean the loan minimum comes into play.
In short: Yes, LendingStreet finances DSCR cash-out refinances on 1-8 unit rentals in the Flint area, up to 75% LTV and qualified on the property's rent instead of tax returns. Loans start at $150,000 with a 620 minimum credit score, and the rent must cover the new payment at the program minimum, 1.0x on standard programs. In the Flint area, the $150,000 loan minimum, Michigan's non-homestead taxes and water line and lead history are the local items to check.
You take a new loan larger than your current balance, pay off the existing mortgage and keep the difference. On a DSCR loan the new balance is sized off the appraised value, up to 75% LTV on cash-out, and the borrower signs for the loan personally while the property can stay in an LLC.
Qualification uses the debt service coverage ratio: rent divided by the new monthly payment, including principal, interest, taxes, insurance and any HOA dues. A bigger loan means a bigger payment, so the ratio after the cash-out is the one that must clear 1.0x on standard programs.
The cash can go toward your next acquisition, upgrades across the portfolio, replacing a short-term loan with long-term financing or simply a stronger reserve cushion.
Many single homes inside Flint are valued below what a $150,000 minimum loan needs at 75% LTV. Cash-outs work best on higher-value rentals in Grand Blanc, Fenton, Davison, Swartz Creek and Flint Township, on small multi-unit buildings, or by combining several rentals.
Demand comes from the hospitals, Kettering University, UM-Flint, General Motors operations and commuters to Lansing and metro Detroit.
Grand Blanc and Fenton have higher values and newer homes, which helps both the loan size and the appraisal.
Michigan limits annual taxable value increases while one owner holds a property, then uncaps after a sale. Rentals also pay additional school millage because they do not qualify for the principal residence exemption.
Use the actual current bill for the property's township or city, since millage varies widely across Genesee County.
Some Genesee County townships have lower millage than the city of Flint, which can make suburban rentals easier to qualify.
After the Flint water crisis, the city replaced many lead service lines. Know your property's service line status and keep any records. Most homes predate 1978, so lead paint rules also apply.
Appraisers look at roofs, basements and mechanical systems on older homes. Insurance is moderate, but get a current quote.
Vacant neighboring properties can affect appraisals in some city neighborhoods, so suburban rentals often appraise more consistently.
The City of Flint and several Genesee County municipalities have rental registration or inspection requirements. Confirm what applies to your property and keep it current.
Most Flint-area cash-out loans qualify on 12-month leases.
A blanket portfolio loan can combine five or more Flint-area rentals into one loan, one closing and one payment, qualified on combined cash flow.
This example is illustrative and not a quote. An investor owns a Grand Blanc house that appraises at $260,000 with an existing payoff of $90,000. Rent is $1,950 a month, non-homestead taxes are $420 a month and insurance is $110.
At 75% LTV the new loan is $195,000, which leaves about $105,000 after the $90,000 payoff, before closing costs. Estimated principal and interest on a 30-year schedule is about $1,363, so the total payment is about $1,893 and the DSCR is about 1.03x, above the 1.0x standard minimum. At 70% LTV the loan is $182,000, the payment drops to about $1,803 and the DSCR is about 1.08x, with about $92,000 in cash before closing costs. Some investors choose the smaller loan for extra cushion.
Small changes move the ratio. A higher insurance quote, a tax increase or a lower appraised rent each raise the payment's share of rent, so run the numbers with current figures before you ask for a specific cash amount.
| Item | At 75% LTV | At 70% LTV |
|---|---|---|
| Appraised value | $260,000 | $260,000 |
| New loan amount | $195,000 | $182,000 |
| Existing loan payoff | $90,000 | $90,000 |
| Cash before closing costs | $105,000 | $92,000 |
| Estimated principal and interest | About $1,363 | About $1,273 |
| Taxes and insurance | $530 | $530 |
| Total monthly payment | About $1,893 | About $1,803 |
| DSCR at $1,950 rent | About 1.03x | About 1.08x |
Michigan's transfer taxes apply to deed transfers, not refinances, and there is no mortgage recording tax. Refinance costs are mostly title, recording, the appraisal and lender fees.
Genesee County properties that came through tax foreclosure or the land bank may need extra title steps before a new loan can be insured.
If you bought or renovated recently, seasoning matters. Some programs lend on the new appraised value quickly; others look back to your purchase price and improvement receipts for the first months.
A complete file means a faster appraisal order and a clearer answer.
Our investor loans are business-purpose loans on non-owner-occupied property, held personally or in an LLC. Share the property address, value estimate, current payoff and rent, and we will size the loan against the actual Genesee County tax bill and a current insurance quote.
We typically show two or three loan amounts so you can weigh cash against cushion. Use the form below or call (877) 298-1001. Our Michigan cash-out refinance page covers statewide rules.
At 75% LTV the loan would be about $90,000, below our $150,000 minimum. Combining rentals in a blanket loan is one option.
They can come up. Keep service line records, and be ready to answer questions about the plumbing.
It depends on the program. Some lend on the new appraised value quickly, while others look back to the purchase price and improvement costs for the first months.
No. The loan qualifies on the property's rent. You still need a 620 or higher credit score, reserves and entity documents if the property is in an LLC.
Possibly. A smaller loan often clears 1.0x, and sub-1.0 DSCR programs exist for some properties.
Michigan uncaps taxable value after a sale, and rentals pay non-homestead school millage.
Yes. We finance 1-8 unit rentals across Genesee County and Michigan.
Yes, if the value supports a loan of at least $150,000 and the rent covers the payment. Two-unit properties qualify on combined rent.
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