Question 1

Can I use both loan types for the same property?

Accepted Answer

No, you choose one program per transaction. However, you might use Bank Statement Loans for your residence and DSCR Loans for rental properties simultaneously.

Question 2

Which program offers better interest rates in Concord?

Accepted Answer

Rates vary by borrower profile and market conditions. Both are non-QM products with similar rate ranges. Your credit score, down payment, and specific situation determine your rate.

Question 3

Do I need to show tax returns for either option?

Accepted Answer

DSCR Loans typically don't require personal tax returns. Bank Statement Loans may request business returns for context, but they don't determine your qualifying income.

Question 4

Can I refinance from one program to the other?

Accepted Answer

Yes. Investors sometimes refinance from Bank Statement to DSCR once a property has rental income. Self-employed buyers might switch from DSCR to conventional after establishing W-2 employment.

Question 5

Which program closes faster in Contra Costa County?

Accepted Answer

DSCR Loans often close slightly faster due to simpler documentation. Bank Statement Loans require thorough review of 12-24 months of deposits, adding a few days to underwriting.

Bank Statement Loans vs DSCR Loans in Concord: Which Non-QM Option Fits Your Needs?