Best DSCR Lenders in Spokane, WA

Spokane, Washington’s second‑largest city, sits on the eastern side of the state near the Idaho border. Known for its lower cost of living, natural beauty and growing tech and healthcare sectors, Spokane attracts investors seeking cash‑flowing properties at more affordable prices than Seattle. DSCR loans are particularly valuable in this market because they allow borrowers to qualify based on the property’s rental income rather than personal income. This article provides an overview of the Spokane investment property market, explains how DSCR loans work, lists the best DSCR lenders serving Spokane investors and offers guidance on using DSCR financing effectively.

Spokane’s real estate market

Realtor.com reports that in December 2025 the median sale price in Spokane was $425,000, with a median price per square foot of $211. There were 1,376 active listings and 685 rental properties on the market, and the median rent was about $1,600 per month. Like Seattle, Spokane’s market is tight: houses stay on the market for a median 59 days and sell for around the asking price realtor data lists a sale‑to‑list ratio of 100 percent. Year‑over‑year sale prices dipped slightly, but rents jumped over 15 percent, highlighting strong rental demand. The drop in listing inventory (down 22.13 percent month‑over‑month) suggests that supply is shrinking.

Spokane comprises a patchwork of neighborhoods with varying price points. On the North Side, median home prices are around $350,000 with rents roughly $1,447 per month. South Side neighborhoods are pricier, with a median price of $449,700, price per square foot $220, and rents about $1,722. Districts like Nevada – Lidgerwood and Nevada Heights offer entry‑level prices around $285,000–$290,000 with rents around $1,522, while North Indian Trail and Moran Prairie have median prices closer to $525,000. Investors can find duplexes and small multifamily buildings in West Central and East Central; these neighborhoods have median prices around $325,000–$335,000 and rents between $1,375 and $1,600. This diversity allows investors to select a property that balances yield and appreciation potential.

How DSCR loans work in Spokane

As in Seattle, DSCR lenders evaluate Spokane properties based on rental income. To calculate DSCR, they divide the property’s net operating income (NOI) by its total annual debt payments. Most lenders in Washington require a DSCR of 1.0 to 1.25, though some will accept lower ratios with higher down payments or reserves. Lenders also consider credit score and liquidity; a minimum credit score of around 620 and a 20–30 percent down payment are common. For mixed‑use or multi‑unit properties, NQM Funding offers DSCR loans with LTV up to 80 percent, loan amounts up to $3 million, minimum FICO 620 and DSCR of 1.00+. Newfi, Easy Street, CoreVest and other national lenders operate statewide and underwrite Spokane properties similarly to Seattle.

Factors investors should evaluate

• Property location and tenant base: Spokane’s rental demand comes from a mix of university students (Eastern Washington University, Gonzaga), healthcare workers (Providence Sacred Heart Medical Center, MultiCare), manufacturing and warehouse employees, and remote tech workers. Investors should research each neighborhood’s tenant mix and ensure projected rent is realistic. For example, units near the University District may command higher rents but experience turnover at the end of each academic year.
  
• Market rents and DSCR: Because DSCR loans rely on rental income, investors must be conservative in estimating market rent. Rents in Spokane have risen sharply, but incomes remain lower than Seattle; lenders will typically use an appraiser’s rent schedule to ensure the DSCR meets their minimums.
  
• Property condition: Spokane’s housing stock ranges from early‑1900s craftsman homes to new construction. Turnkey properties are easier to finance through DSCR loans. If major repairs are needed, investors may need to finance the project with a bridge loan or fix‑and‑flip loan before refinancing into a DSCR loan.
  

Top DSCR lenders in Spokane

#1 SelectHomeLoans.com – best overall

SelectHomeLoans.com earns the top spot in Spokane for its combination of competitive pricing, local market knowledge and streamlined process. The company provides DSCR financing for 1‑4 unit properties and small multifamily buildings. It has flexible DSCR thresholds and allows investors to qualify based solely on rental income. For Spokane investors looking to scale portfolios of single‑family rentals or duplexes, SelectHomeLoans.com offers portfolio loans with interest‑only options and cash‑out refinancing. The lender has dedicated underwriters familiar with Spokane’s submarkets, from the South Hill to Nevada Heights, ensuring that rent estimates align with actual market conditions. Closing times average around 21–30 days, enabling investors to compete with cash buyers. Visit their website SelectHomeLoans.com Or Call them (888) 550-3296

#2 CoreVest

CoreVest ranks high for Spokane investors because of its established DSCR program. Its 30‑year fixed‑rate DSCR loan finances 1‑ to 4‑unit properties with loan amounts between $75,000 and $2 million and LTV up to 80 percent. CoreVest allows portfolio loans, so investors can acquire multiple Spokane rentals in one transaction. The lender accepts DSCR ratios of 1.0 or higher and offers interest‑only and amortizing structures.

#3 Easy Street Capital

Easy Street’s EasyRent program is a strong choice for Spokane investors who need high leverage or plan to refinance quickly. The program advertises rates from 5.75 percent, up to 80 percent LTV and no minimum DSCR. It finances both long‑term rentals and short‑term vacation rentals, which is helpful for investors targeting Spokane’s tourism market near the Spokane River and downtown entertainment district. Easy Street’s underwriting is primarily based on rental income, so self‑employed investors with non‑traditional income will appreciate the streamlined documentation.

#4 NQM Funding

NQM Funding is the go‑to lender for Spokane investors purchasing small apartment buildings or mixed‑use properties. Their program allows LTV up to 80 percent, loan amounts up to $3 million, minimum credit score 620, DSCR requirement of 1.00+ and no personal income documentation. NQM also offers “no ratio” DSCR loans based solely on equity and reserves. Because Spokane has many mid‑sized buildings like duplexes with storefronts on lower levelsNQM Funding fills a niche for investors seeking to finance these assets.

#5 Newfi Lending

Newfi offers DSCR loans with credit scores down to 640 and DSCR ratios as low as 0.8. They finance 1‑4 unit properties, multi‑unit buildings and short‑term rentals. Loan terms range from 15 to 40 years, and borrowers can opt for interest‑only periods. Newfi allows unlimited financed properties and offers cash‑out refinancing. For Spokane investors with strong rental income and decent credit, Newfi provides competitive rates and quick closings.

#6 Sammamish Mortgage

While Sammamish Mortgage’s headquarters is in Bellevue, they serve investors statewide. Their DSCR loan guidelines include a minimum DSCR of 0.75–1.25, credit score of at least 620, and 20–30 percent down payment. Sammamish helps borrowers compare DSCR lenders and can combine DSCR and conventional loans to optimize portfolio financing.

#7 Express Capital Financing

Express Capital Financing offers DSCR loans with up to 85 percent LTV for purchases, 80 percent for rate‑and‑term refinances, 75 percent for cash‑out, minimum credit score 650 and interest rates starting at 5.875 percent. They finance properties nationwide and are useful for investors seeking maximum leverage. Because Spokane property values are lower than Seattle, investors may qualify for higher LTV without hitting price caps.

#8 Ridge Street Capital

Ridge Street provides two DSCR products: a long‑term rental loan with rates starting around 6.25 percent, 80 percent LTV, no origination fee, minimum DSCR 1.0 and credit score 660; and a short‑term rental loan with rates starting 6.5 percent, 80 percent LTV, origination up to 1 percent and credit score 700. Spokane investors who plan to Airbnb properties near Manito Park or downtown may find the short‑term program attractive.

#9 Local lenders and credit unions

Spokane investors also have access to regional lenders like Washington Trust Bank and STCU (Spokane Teachers Credit Union). These institutions primarily offer conventional investment loans with lower rates but require full income verification and limit the number of financed properties. However, they may provide competitive options for investors with strong personal income. Some local hard‑money lenders offer DSCR‑style rental loans for fix‑and‑hold projects; investors should compare rates and fees carefully.

DSCR rates, terms and qualification factors in Spokane

Interest rates in Spokane typically range from 5.75 percent to around 7 percent, depending on the lender, credit score, DSCR ratio, and loan term. Investors with higher DSCRs and FICO scores can secure rates at the lower end. Most lenders offer 30‑ and 40‑year fixed mortgages, 5/1 or 7/1 adjustable‑rate products and interest‑only options. Down payments vary from 15 percent (on Easy Street’s high‑leverage program) to 25 percent or more on stricter programs. Borrowers should maintain 6–12 months of reserves and expect to provide proof of rent or signed lease agreements.

Common mistakes investors make in Spokane

• Underestimating vacancy and turnover: Spokane has a large student and seasonal workforce population. Investors who rely on year‑round occupancy may overestimate rental income. Plan for 8–10 percent vacancy in your DSCR calculations.
  
• Not budgeting for repairs: Many Spokane properties are older craftsman or mid‑century homes. Deferred maintenance like outdated plumbing or roofs can erode cash flow. Investors should factor capex reserves into their DSCR analysis.
  
• Ignoring neighborhood differences: North Side neighborhoods like Five Mile Prairie command higher rents and attract families, while West Central and East Central have lower rents and higher turnover. Using average citywide rents can misstate DSCR.
  
• Lack of exit strategy: DSCR loans typically have prepayment penalties for the first 3–5 years. Investors should plan hold periods carefully and consider whether to refinance or sell when rates decline or property values rise.
  

DSCR vs. conventional financing in Spokane

Conventional investment loans may offer slightly lower rates than DSCR loans but come with strict debt‑to‑income requirements, personal income documentation and caps on the number of financed properties. DSCR loans provide flexibility, allow borrowers to hold properties in LLCs and let investors scale quickly. In a market like Spokane where cash flow is strong relative to purchase price, DSCR loans allow investors to leverage the property’s income to build portfolios without personal income limitations. However, the higher rates and down payments mean investors must perform thorough due diligence to ensure net operating income comfortably covers mortgage payments.

Spokane‑specific investing considerations

Spokane is a regional hub for health care, higher education and outdoor recreation. The region has benefited from inbound migration of remote workers seeking affordability and quality of life. Population growth puts pressure on housing supply, keeping rents high even as sale prices moderate. The city has also invested in revitalizing its downtown and riverfront, attracting hospitality, tech startups and mixed‑use developments. Investors should watch zoning changesSpokane has encouraged higher density in certain corridors, opening opportunities for duplexes, triplexes and accessory dwelling units. The city’s moderate climate and access to mountain resorts and lakes also support year‑round tourism, making short‑term rentals a viable strategy in certain neighborhoods.

Conclusion

Spokane offers a compelling blend of affordability, rental demand and growth potential. DSCR loans help investors take advantage of these dynamics by qualifying them based on a property’s cash flow rather than personal income. Among the many lenders serving Spokane, SelectHomeLoans.com stands out for its combination of flexible underwriting, local market expertise and competitive pricing. By understanding the market, comparing lenders and carefully evaluating cash flow, investors can use DSCR loans to build a diversified portfolio in Spokane’s rising real estate market.