Question 1

Can I use a DSCR loan to buy a primary home in Ione?

Accepted Answer

No. DSCR loans are investment properties only. For a primary residence, a bank statement loan is the Non-QM option.

Question 2

What credit score do I need for either loan?

Accepted Answer

Most lenders want 660 or higher for both programs. Stronger credit improves your rate on either product.

Question 3

Do bank statement loans require 24 months of statements?

Accepted Answer

Not always. Some lenders approve with 12 months. The more statements you provide, the stronger your income case.

Question 4

What DSCR ratio do Ione rental properties need to hit?

Accepted Answer

Most lenders require 1.1 or above. A ratio of 1.0 means break-even — most won't approve at that level.

Question 5

Can a self-employed investor use either loan type?

Accepted Answer

Yes. Self-employed investors can qualify via bank statements or DSCR. The rental property's rent ratio determines which is easier.

Question 6

Which loan closes faster in practice?

Accepted Answer

DSCR deals often close faster — there's less personal income documentation to gather. Bank statement files take more review time.

Bank Statement vs DSCR Loans in Ione, CA