Question 1

Can I use a bank statement loan to buy a rental property?

Accepted Answer

Yes. Bank statement loans can cover investment properties. But DSCR is often simpler for rentals since it doesn't require your income docs.

Question 2

Do DSCR loans require any income documentation?

Accepted Answer

Mostly no. Lenders verify the property's rent, not your salary. Some lenders ask for a lease or rent schedule.

Question 3

Which loan has stricter credit requirements?

Accepted Answer

Both are non-QM and vary by lender. Most bank statement and DSCR lenders want at least a 620 to 660 credit score.

Question 4

Can I use both loans at the same time?

Accepted Answer

Yes. They serve different purposes. A self-employed investor could use a bank statement loan for a primary home and a DSCR loan for a rental.

Question 5

Are rates higher on these loans than conventional?

Accepted Answer

Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 6

Which loan closes faster in Lemoore?

Accepted Answer

DSCR can move quickly since there's less income documentation to gather. Bank statement loans require collecting months of statements first.

Bank Statement vs DSCR Loans in Lemoore, CA