Question 1

Do I need a perfect credit score for a bank statement loan?

Accepted Answer

No. Most lenders accept 620 to 660 FICO. Stronger scores help you get better rates and terms. Your bank statements and down payment matter as much as credit.

Question 2

Can I use a DSCR loan to buy my primary home in Manhattan Beach?

Accepted Answer

No. DSCR loans are for investment properties only. If you're buying a home to live in, use a bank statement loan or a traditional mortgage.

Question 3

How many months of bank statements do lenders want?

Accepted Answer

Most want 12 to 24 months. Lenders average your deposits over that period to calculate your qualifying income. Consistent deposits help your case.

Question 4

What if my rental property income is seasonal?

Accepted Answer

DSCR lenders can work with seasonal income. They may average your annual rent or use a lower monthly figure. Document your lease and rental history clearly.

Question 5

Is a 10% down payment realistic on a bank statement loan?

Accepted Answer

Yes, but rates and terms improve with more down. At 10% down, you'll carry mortgage insurance. 15% to 20% down typically avoids MI and gets better pricing.

Bank Statement vs DSCR Loans in Manhattan Beach