Morgantown has more large rental properties than any other West Virginia university town. Newer apartment buildings near campus and the hospitals, and a handful of high-end homes around Cheat Lake, are where jumbo-size DSCR loans show up.
In short: LendingStreet offers jumbo DSCR loans from about $1.5M to $5M+ on high-value 1-8 unit rentals in Morgantown and Monongalia County, for purchases, rate-and-term refinances and cash-out. Larger balances get more review and maximum LTV can be lower, varying by program. In Morgantown, a jumbo balance usually means a newer 6-8 unit building near Evansdale or downtown, or occasionally a large Cheat Lake home.
Single-family rentals rarely reach jumbo balances here, even in Suncrest. The properties that do tend to fall into a few groups.
Each type underwrites differently. A newer building with steady medical-staff tenants is the most straightforward. A large home relies heavily on one tenant, so vacancy risk and comparable rents get more attention.
This example is illustrative and not a quote. An investor buys a newer eight-unit building near Evansdale for $2,600,000. Each unit rents for $2,450 a month to graduate students and medical staff, $19,600 in total. Taxes are budgeted at $2,400 and insurance at $800 a month.
At 70% LTV the loan is $1,820,000 and the full payment is about $15,926, for a DSCR of about 1.23x. At 65% LTV the loan is $1,690,000, the payment about $15,017 and DSCR about 1.31x. On large balances, leverage in this range is common.
Newer buildings with larger units, in-unit laundry and parking can command higher rents than older student houses, which helps the ratio. That only holds while units stay full, so expect us to look at leasing results over several years.
| 70% LTV | 65% LTV | |
|---|---|---|
| Loan | $1,820,000 | $1,690,000 |
| Monthly payment | $15,926 | $15,017 |
| DSCR | 1.23x | 1.31x |
On a jumbo loan we look closely at the rent roll, leasing history across several school or residency years, building condition, reserves and your experience with similar properties. The appraisal needs comparable sales; Morgantown has more of them than other West Virginia cities, but newer buildings still trade infrequently, so the appraiser may lean on the income approach as well.
Expect the review to take longer than on a smaller rental. Starting early, with documents organized, keeps a purchase contract on schedule.
Maximum LTV on large balances is often lower than on smaller loans and varies by program. Plan for a larger down payment and several months of payments in reserve after closing. A building that clears 1.0x comfortably at moderate leverage is usually the fastest path to approval.
Reserves also cover the realities of a large building: a roof or mechanical replacement, a slow leasing season or a tax increase after a new assessment. On a large loan, one expense can be big enough to matter.
West Virginia assesses property at 60% of appraised value. A rental building inside Morgantown is Class IV and one outside city limits Class III, both at higher levies than owner-occupied homes. On a large building, the tax line is a major expense, so confirm the current assessment, especially on newer buildings that may not yet be fully assessed. Insurance should include liability, slope and flood review. Keep the building's rental registration and inspections current.
Ask the seller for recent tax bills and insurance declarations so you can see what the building has actually cost to carry, then compare them with your own estimates.
Cheat Lake, east of the city, has some of the highest-priced homes in the region, including lakefront properties. A few lease to executives, physicians or visiting faculty at rents that can support a large loan. Check HOA leasing rules, insurance for waterfront and hillside exposure, and comparable rents carefully. If you plan short-term rental use, confirm county rules and occupancy tax obligations first.
Lakefront homes can also carry higher insurance costs and seasonal demand patterns, so we look at how the rent holds up over a full year.
If your large balance comes from several properties rather than one building, a blanket portfolio loan can put five or more rentals under one loan with one closing and one payment, with release provisions if you sell one.
Compare the two structures side by side. A jumbo loan on one strong building keeps your other rentals free for separate financing or sale, while a blanket loan simplifies payments and is priced on the combined cash flow of the portfolio.
Jumbo DSCR loans cover purchases, rate-and-term refinances and cash-out. A developer who built a newer building near campus with a construction loan can refinance into a long-term DSCR loan once it is leased, or take cash out for the next project, subject to DSCR and leverage limits. Cash-out seasoning varies by program.
If you are refinancing out of a construction loan, have the certificate of occupancy, final costs, leases and photos ready. A building that is fully leased with a record of collections is in the strongest position.
Send the address, price or value, rent roll, two years of operating history if available, insurance quote, rental registration status and a summary of the properties you own and manage. We will tell you how the loan would be sized and what else is needed.
On large loans, your track record with similar buildings is one of the first things we review.
Yes, from about $1.5M to $5M+ on high-value 1-8 unit rentals, for purchase, rate-and-term and cash-out.
Mostly newer 6-8 unit buildings near campus and the hospitals, and occasionally large Cheat Lake homes. Single-family homes at that level are uncommon.
It varies by program and is often lower on larger balances. Strong rent, reserves and experience help. Reserves matter more on large loans.
No. Jumbo DSCR loans qualify on the property's rent.
Yes, if it has 8 or fewer units. Leasing history across several school years is reviewed closely.
Those are commercial. See our multifamily loan page.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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