DSCR Loans in Richmond, Virginia

Effective July 1, 2026, Virginia extended the nonpayment-of-rent notice period from 5 days to 14 days statewide under the VRLTA. That is the headline change, and it applies to every Virginia market, not just Richmond. It does not touch DSCR underwriting, loan qualification still runs on rent versus PITIA. What it changes is your delinquency math: a nonpayment case now takes roughly two extra weeks end to end. Virginia still bans rent control statewide under the Dillon Rule, so there is no cap on what you can charge or raise. Build the longer timeline into reserves and move on.

At the citywide median of roughly $379,400 with 20% down, the ratio computes to about 0.82, so the median deal needs structuring. Files clear 1.0 the honest way below the median: Northside stock around $285,000 renting near $2,050, and Southside around $250,000 renting near $1,900. Church Hill works as a BRRRR play, buy distressed, renovate, refinance on the new appraisal. Manchester's new construction leases fast but the ratio runs thin at asking prices. Your matched specialist can run the numbers by neighborhood before you write an offer.

Richmond is an independent city, so there is no county layer, one bill at $1.20 per $100 of assessed value, a level City Council voted to hold for 2026. Virginia has no homestead-versus-investor differential, so you pay the same as an owner-occupant, but assessments track market value and Richmond values are still rising, so expect the assessed value to move toward your purchase price after closing. At the median that is roughly $379 a month inside PITIA. Underwrite the tax at your contract price, not the seller's last bill, and the ratio you close on stays real.

Yes, and Richmond is one of the better BRRRR markets on the East Coast for it. The Northside and Church Hill renovation pipelines supply distressed rowhouses at $150,000 to $220,000 that appraise near $285,000 to $380,000 renovated. DSCR lenders typically apply a title seasoning window before lending on the new appraised value rather than your purchase price, and the rules vary by lender. Your matched specialist structures the timeline, bridge or hard money into the renovation, then a DSCR refinance on the appraiser's market rent, so the equity you created becomes the down payment you never had to save.