Question 1

Can I use a DSCR loan on a primary residence in Wasco?

Accepted Answer

No. DSCR loans are investment property only. For a primary home, you'd need Bank Statement or another loan type.

Question 2

Do Bank Statement Loans require a specific credit score?

Accepted Answer

Most lenders want at least 620 to 640. Stronger scores get better rates — and rates vary by borrower profile and market conditions.

Question 3

What DSCR ratio do lenders typically require?

Accepted Answer

Most want 1.1 or higher. Some lenders allow 1.0, but you'll likely face a higher rate or larger down payment.

Question 4

Can a self-employed investor use both loan types?

Accepted Answer

Yes. Many investors use Bank Statement for personal purchases and DSCR for rentals. They're separate programs with separate qualifications.

Question 5

How much down payment is required for each loan?

Accepted Answer

Expect 10–20% down for Bank Statement loans. DSCR loans typically require 20–25% down on investment properties.

Question 6

Which loan closes faster?

Accepted Answer

DSCR loans often close faster since there's less personal income documentation to verify. Bank Statement loans require more underwriting time.

Bank Statement vs DSCR Loans in Wasco, CA