Financing that doesn't gate growth
Conventional caps at 10 financed properties. Past that, you need DSCR and portfolio loans that don't ask about your ninth W-2. We have both lanes.
Beyond 10 properties →
Arizona Investment Property Financing
Built to scale a real-estate portfolio.
Conventional investor financing through ten properties, then DSCR and portfolio paths that don't stop counting at 10. Short-term rental and Airbnb / Vrbo specialists. Cash-out structures designed for the BRRRR investor. Mike Certo's Phoenix branch focuses on the financing layer that lets the rest of the math work.
10+Financed properties — yes
DSCR 1.0Minimum on most programs
LLCClosings welcome
Licensed in Arizona · NMLS #173855 · Equal Opportunity Lender
What investors actually need from a mortgage broker
Three things, in order of importance.
Underwriting that reads cash flow
The property's rent covers the property's payment — that's the deal. DSCR loans qualify the investment, not your tax return.
DSCR program →Cash-out structures for redeployment
The point of equity is to redeploy it. Cash-out refis on rentals — conventional and DSCR — sized to fund the next acquisition.
Cash-out refi →
Two Lanes
Conventional through 10. Then DSCR / Portfolio for everything after.
Fannie Mae and Freddie Mac will finance up to ten 1–4-unit residential investment properties per borrower. After ten, you cross into non-agency territory — and that's where most retail mortgage brokers stop. We don't.
Conventional investor financing (Properties 1–10)
| Tier | Max LTV | Min FICO* | Reserves |
|---|---|---|---|
| Properties 1–4 (purchase) | 85% (1-unit) / 75% (2–4 unit) | 620 | 2 mo per financed property |
| Properties 5–6 (purchase) | 75% | 720 | 2 mo per financed property |
| Properties 7–10 (purchase) | 70–75% | 720 | 2 mo per financed property |
*Tighter overlays apply at 5–10 financed properties. Cash-out caps are 5–10% lower than purchase. Conventional investor guidelines are set by Fannie Mae and Freddie Mac and updated periodically.
DSCR & Portfolio (Properties 1+ or 11+)
| Path | Best for | Property cap |
|---|---|---|
| DSCR Loans | Property's rent covers payment — no personal income calc | None (per loan) |
| STR / Airbnb / Vrbo | Vacation rental investors, often using AirDNA / 12-mo income | None |
| Bank Statement Investor | Self-employed investor — qualifying via deposits | None |
| 11+ Property Programs | Portfolio investors past conventional cap | 20+ on some programs |
Short-term rental specialty
Income basis
Income basis
Watch out
Airbnb / Vrbo financing isn't generic DSCR.
Short-term rental properties have a different cash-flow shape than long-term rentals. Some lenders ignore the higher gross by using only long-term market rent. Others underwrite from 12-month STR income history via AirDNA or platform statements — which often qualifies a bigger loan against the same property.
12-month STR history
AirDNA report or platform statements showing actual rental income across the trailing year. Available on select DSCR programs.
Long-term market rent
Conservative underwriting using the appraiser's market rent for a comparable long-term lease. Common default; often understates STR cash flow.
City & HOA STR rules
Sedona, Flagstaff, and several Phoenix-metro municipalities have STR ordinances. HOA bylaws can also prohibit STR. We verify before underwriting.
Why work with us
Built for the math, not the marketing.
Cornerstone First Mortgage is a full-service mortgage bank with deep relationships across both conventional (Fannie / Freddie) and non-agency DSCR investor pools. We pick the lane that fits each property and each portfolio stage — not the one program a retail desk happens to push this month.
- Conventional + DSCR + Portfolio all under one roof.
- LLC and trust closings are routine.
- Short-term rental specialists across Sedona, Phoenix metro, and Flagstaff.
- Equal Opportunity Lender.
I hit the conventional 10-property cap mid-portfolio and had to find a new financing path. Mike moved properties 11–14 onto a DSCR program with the same close timing — no more slowing down to fit Fannie Mae's overlays.
K.W. — Phoenix, AZ · Buy-and-hold investor, 14 doors
FAQ
Investor-side questions, answered straight
Can I close in an LLC?
Yes — DSCR programs widely allow closing in the name of an LLC, partnership, or revocable trust. Conventional Fannie / Freddie investor loans typically require closing in your personal name and then transferring to an LLC post-close (which has lender-notification requirements and is best handled with us in advance).
What's the minimum DSCR?
Most DSCR programs accept DSCR ≥ 1.00. Pricing improves at 1.20+ and 1.25+. Some programs accept DSCR as low as 0.75 with rate and reserves penalties. A handful of programs offer "no ratio" / "no DSCR" for borrowers willing to take a higher rate.
Do conventional Fannie / Freddie loans really cap at 10 financed properties?
Yes — both Fannie Mae and Freddie Mac cap at 10 financed 1–4-unit residential properties per borrower (the subject + 9 others). Once you cross 10, you're in DSCR or portfolio-loan territory. We have programs that allow 20+ financed properties for portfolio investors.
Are STR / Airbnb / Vrbo properties harder to finance?
Sometimes — depends on whether the lender uses long-term market rent or 12-month STR history for qualifying. We work with both flavors. Markets with restrictive STR ordinances (parts of Sedona, parts of Phoenix metro) require pre-verification of the property's STR eligibility before we underwrite.
Can I cash-out refinance a rental to fund the next purchase?
Yes — common BRRRR strategy. Conventional cash-out on investor 1-unit caps at 75% LTV; 2–4 unit at 70%. DSCR cash-out is widely available at 70–75% LTV. Full details →
Do you finance 5–10 unit properties?
1–4 unit residential is the focus on most DSCR programs. Some programs accept 5–10 unit at adjusted pricing. Above 10 units becomes commercial financing — different products, different team. We refer those when they come up.
Ready to talk numbers?
Bring the property's rent estimate, your purchase target, and your existing portfolio. We'll model the right path in 20 minutes.