In a metro where most rentals sell for a few hundred thousand dollars, a $1.5 million rental loan is unusual. Around Syracuse, jumbo balances almost always mean a lakefront home, an estate in the eastern suburbs, a full eight-unit building or several properties at once.
In short: LendingStreet offers jumbo DSCR loans from about $1.5M to $5M+ for purchase, rate-and-term and cash-out on high-value 1-8 unit rentals around Syracuse, qualified on the property's rent with no W-2s or tax returns. Larger balances get more review, and maximum LTV can be lower and varies by program. Because jumbo rentals are rare in this market, many investors here reach these balances with a portfolio loan instead.
Let us be direct: most Syracuse-area rentals do not need a jumbo loan. The properties that do tend to fall into a few groups: waterfront homes on Skaneateles Lake, Cazenovia Lake or Oneida Lake; large homes in Manlius, Fayetteville, Pompey and DeWitt leased to executives and relocating families; and, less often, a high-value eight-unit building.
If your goal is a large loan amount rather than one large property, a blanket portfolio loan across five or more Syracuse rentals is usually the more natural fit.
Skaneateles Lake is the area's premier waterfront, and homes there command prices far above the rest of Onondaga County. Cazenovia Lake, just east in Madison County, and Oneida Lake to the north also have high-value shoreline. Many of these homes rent seasonally, by the week or month in summer, rather than on a 12-month lease.
Seasonal rent can be strong, but it is lumpy, and local short-term rental, zoning and occupancy-tax rules vary by town and village. Some of our short-term rental programs can qualify on projected revenue where the use is allowed. Check the town and village rules before you rely on summer income.
Manlius, Fayetteville and Pompey have larger homes on bigger lots that lease to executives, physicians and families relocating to the area, often on 12-month or longer leases. The tenant pool is smaller than for a city double, so vacancies can run longer. Comparable leases are also thinner, which makes the appraiser's market rent estimate especially important.
At these prices, the tax bill is a large share of the payment. School taxes in districts like Skaneateles, Fayetteville-Manlius and Jamesville-DeWitt add up quickly on a high assessment, and STAR does not apply to an investment property. If the seller lived in the home, expect the bill to change.
Pull the full bill, confirm the assessment and equalization for that town, and budget on it before you set your offer.
This example is illustrative and not a quote. An investor buys a Skaneateles Lake home for $1,950,000 and leases it year-round for $9,800 a month. Taxes are $2,750 a month and insurance is $700.
At 75% LTV the loan is $1,462,500 and the payment is about $13,676, for a DSCR of about 0.72x, below the 1.0x standard minimum. At 65% LTV the loan is $1,267,500, the payment is about $12,313 and the DSCR is about 0.80x. High-value homes here often need lower leverage, or a sub-1.0 DSCR program where it fits. The lesson is that a long-term lease rarely carries a lake home on its own; investors who buy these properties usually bring a large down payment or rely on documented seasonal income.
| Item | 75% LTV | 70% LTV | 65% LTV |
|---|---|---|---|
| Loan amount | $1,462,500 | $1,365,000 | $1,267,500 |
| Estimated principal and interest | $10,226 | $9,544 | $8,863 |
| Taxes and insurance | $3,450 | $3,450 | $3,450 |
| Total monthly payment | $13,676 | $12,994 | $12,313 |
| DSCR at $9,800 rent | About 0.72x | About 0.75x | About 0.80x |
Lakefront homes can face flood zone questions, ice and wind exposure and higher replacement costs. Large older estates may have slate roofs, older systems or outbuildings that raise premiums. Get the insurance quote and flood determination early; at this size, small differences in premium move the ratio.
Ask your agent about the deductible structure, coverage for docks and boathouses, and whether the policy covers a home rented to others. Seasonal rentals sometimes need a different policy than a home on a 12-month lease, and that can change the premium you plug into the ratio.
Jumbo DSCR loans still qualify on rent with a 620 minimum credit score and 30-year terms available. Expect deeper review of reserves, possibly a second valuation, and lower maximum LTV than on smaller loans. Pricing on large balances is set case by case.
Comparable sales and leases are the hard part around Syracuse. With only a handful of lakefront or estate sales in a given year, appraisers may reach further back in time or further away for comparisons, and the result can come in below your contract price. Build some room into your plan for that, and bring any lease history or rental income records you have, since documented rent is the strongest support for the ratio.
If you own several Syracuse rentals, a blanket portfolio loan can combine five or more properties under one loan qualified on combined cash flow, with release provisions when you sell one. For a single large building, compare our 5-8 unit DSCR program. Both often fit this market better than a single jumbo home.
A portfolio approach also spreads risk. One lake home with one tenant has all its income in a single lease, while ten doubles across Eastwood, Strathmore and the suburbs keep paying even if one unit is empty for a season.
Send the address, price or value, the lease or seasonal rent history, and your target leverage. We will run the ratio at several loan amounts and tell you which route fits. See also our New York jumbo page.
Yes, from about $1.5M to $5M+ on high-value 1-8 unit rentals, most often lakefront or estate homes, larger buildings, or properties qualifying together.
Yes, if it is an investment property and the rent supports the payment at the program minimum. Seasonal rentals must comply with town and village rules.
High prices and school taxes are large relative to long-term rent. Lower leverage, a larger down payment or a sub-1.0 DSCR program are the common fixes. Some lake homes simply work better as seasonal rentals where local rules allow it.
Often, yes. Larger balances get more review and maximum LTV varies by program.
On some short-term rental programs, projected revenue can be used where the use is legal. Many large homes are underwritten on long-term lease rent.
Often, in this market. Five or more rentals can be combined into one loan, which reaches large balances without a single high-value property.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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