Frequently asked questions

FLO Mortgage and Joy McCoy Flores are currently licensed in Florida, Georgia, Tennessee, North Carolina, Texas, and Michigan.

Yes. A home equity line of credit (HELOC) is a separate line of credit secured by your home's equity — your existing mortgage stays as-is. It's often faster to set up than a full refinance.

Some eligible applicants can move from application to funding in as little as 5 business days. Actual timing depends on your file, documentation, state requirements, and program eligibility — your loan officer will give you a specific estimate.

Lines up to $400,000 typically use an automated home valuation instead of an in-person appraisal, which helps speed up the process. Larger lines require a full appraisal, and not every property will qualify.

No. Checking your options uses a soft credit inquiry, which doesn't affect your credit score. A hard inquiry happens only if you accept an offer and move forward.

DSCR stands for Debt Service Coverage Ratio. Instead of qualifying you based on personal income (tax returns, W2s, pay stubs), the lender qualifies the loan based on whether the property's rental income covers its mortgage payment. It's a non-QM (non-qualified mortgage) program built for real estate investors.

Requirements vary by program — some lenders go as low as 0.75x (rent covers 75% of the payment) with a rate adjustment, while others require 1.00–1.25x or higher for the best pricing. Joy will match you to the right program once she has the property's numbers.

Yes. DSCR programs are commonly used for both purchases and cash-out refinances on investment properties, letting you tap equity to fund your next deal.

No. DSCR loans don't require personal income documentation or a debt-to-income (DTI) calculation — qualification is based on the subject property's cash flow.

In most cases, yes — vesting title in an LLC or other business entity is common and often expected on non-QM investor loans.