Augusta's rental market leans on Fort Gordon, the medical district and the region's cyber and manufacturing employers. Investors buy brick ranches and older homes, renovate them and refinance into long-term loans that steady military and hospital rents can carry.
In short: LendingStreet offers DSCR rate-and-term refinances for Augusta-area rentals, paying off hard money, bridge or existing loans with 30-year terms that qualify on rent. Loans start at $150,000, rate-and-term reaches 80% LTV on some programs and the standard minimum DSCR is 1.0x. Moderate prices and steady demand mean many renovated homes here clear the ratio, as long as taxes and insurance are budgeted correctly.
In Columbia County, Evans, Martinez and Grovetown have newer subdivisions and brick ranches close to Fort Gordon, and they rent well to military families. In Augusta-Richmond County, Summerville and the Hill have older historic homes, while West Augusta, Harrisburg and south Augusta offer lower-priced homes that investors renovate.
Across the Savannah River, North Augusta and Aiken County in South Carolina are part of the same rental market. The Augusta University and Wellstar MCG medical complex and the city's cyber sector add rental demand from professionals and students.
Medical residents and traveling nurses also rent near the hospital district on Fifteenth Street, which adds a second source of steady demand alongside the base.
| Area | Typical rental stock | What to check before you refinance |
|---|---|---|
| Evans, Martinez, Grovetown | Brick ranches and newer subdivisions | HOA rules and Columbia County taxes |
| Summerville, the Hill | Older historic homes | Historic district rules and insurance on older homes |
| West and south Augusta, Harrisburg | Lower-priced older homes | Loan size against the $150,000 minimum |
| North Augusta, SC | Suburban single-family | South Carolina rules and a 6% assessment ratio |
Investors here often finish a renovation on a hard money or bridge note that is interest-only and due within a year or two. Moving that balance into a 30-year DSCR loan stops the maturity clock. LLC borrowers are standard, the minimum credit score is 620 and leverage on rate-and-term reaches 80% LTV on some programs.
Military tenants move on orders, so leases near Fort Gordon often turn over every two to three years. Time the refinance while a lease is in place, or be ready to show a market rent estimate if the home is between tenants.
This example is illustrative and not a quote. An investor bought and renovated a brick ranch in Martinez with a hard money loan. It leases to a military family for $1,850 a month and appraises at $245,000. The hard money payoff is $168,000.
The new loan of $175,000 covers the $168,000 payoff plus $7,000 in closing costs, about 71% of the $245,000 value. Estimated principal and interest on a 30-year term is about $1,209. With taxes of $190 and insurance of $125 a month, the full payment is about $1,524 and DSCR is about 1.21x on $1,850 of rent.
The investor locks in a 30-year term before the next lease turnover, so a short vacancy no longer comes with a maturity date.
Two inputs move this math the most: the appraised value, which caps the loan amount, and the tax and insurance figures, which sit in the payment. A small change in either can move the ratio across the 1.0x line, so check both early.
| Item | Before: hard money note | After: DSCR rate-and-term |
|---|---|---|
| Loan balance | $168,000 | $175,000 |
| Monthly principal and interest | $1,610 (interest only) | $1,209 |
| Taxes, insurance | $315 | $315 |
| Total monthly payment | $1,925 | $1,524 |
| DSCR at $1,850 rent | About 0.96x | About 1.21x |
| Term | Short-term, due soon | 30 years |
Georgia assesses property at a 40% assessment ratio, and Richmond and Columbia counties set their own millage. Investors do not receive homestead exemptions, so budget on the full rate rather than the seller's bill. Augusta-Richmond County is a consolidated government, while Columbia County has separate city rates in Grovetown and Harlem.
If you own across the river in North Augusta, South Carolina rules apply. Rental property there is assessed at a 6% assessment ratio, higher than the 4% ratio for owner-occupied homes, which changes the tax line considerably.
Some investors rent homes for the week of the Masters Tournament each April. That income can be meaningful, but DSCR refinances here are underwritten on the long-term lease, not on a single week of rent.
Insurance in the Augusta area is generally moderate, though wind and storm exposure from tropical systems can affect premiums. Older homes in Summerville and the Hill may draw questions about roofs, wiring and plumbing.
Near downtown and the medical district, duplexes and small buildings lease to students, residents and hospital staff. They qualify on combined rent. If you own several lower-priced single-family homes in south Augusta, a blanket portfolio loan can combine five or more into one closing.
Rate-and-term pays off what you owe plus closing costs. Cash-out goes further and lets you pull equity, up to 75% LTV, but it usually carries a larger balance and a higher payment, and seasoning rules vary by program. If the goal is a lower payment or a longer term, rate-and-term is often the cleaner file.
With moderate prices, many Augusta investors have room for cash-out, but those planning to hold through several military lease cycles often prefer rate-and-term for the lower payment.
Most delays come from missing paperwork. Gather these before the appraisal is ordered.
Request a quote with the property address, the current payoff and the rent roll. LendingStreet works with investors refinancing in Richmond and Columbia counties, plus Aiken County across the river in South Carolina, checks the ratio on realistic taxes and insurance and lays out 2-3 options, including sub-1.0 DSCR programs where they fit. Our investor loans are business-purpose loans on non-owner-occupied property. See the Georgia rate-and-term refinance page for state-level detail, or call (877) 298-1001.
Yes. A standard lease to a service member counts like any other lease. If the tenant has moved out, a market rent estimate may be used.
Not as the basis for the loan. The refinance is underwritten on long-term rent.
Yes. We refinance 1-8 unit rentals in South Carolina too, where rental property is assessed at a 6% assessment ratio.
Yes. Columbia County rentals qualify. Check HOA leasing rules first.
Up to 80% LTV on some programs. Max LTV can be lower on 5-8 unit properties and larger balances, so it varies by program.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so the home must be a rental, not your residence.
DSCR loans start at $150,000 with no stated maximum. Larger balances get more review and can carry lower leverage.
If you own five or more investment properties, a blanket portfolio loan can combine them under one loan with one closing and one payment, qualified on portfolio cash flow.
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