Question 1

Can I use a DSCR loan for a vacation rental in Fort Bragg?

Accepted Answer

Yes. Lenders can use projected or actual short-term rental income to calculate DSCR. You'll need documentation of that income.

Question 2

Do bank statement loans require perfect credit?

Accepted Answer

No, but most non-QM lenders want at least a 660–680 score. Lower scores mean higher rates. Rates vary by borrower profile and market conditions.

Question 3

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

Accepted Answer

Yes. Bank statement loans aren't limited to primary residences. Investment properties are eligible, though terms may differ.

Question 4

What's the minimum DSCR most lenders accept?

Accepted Answer

Most lenders set the floor at 1.0. Some go below that with stronger credit or a larger down payment.

Question 5

Which loan has a lower interest rate?

Accepted Answer

Both are non-QM and price above conventional rates. Bank statement loans often come in slightly lower. Rates vary by borrower profile and market conditions.

Question 6

Do I need to be self-employed for a DSCR loan?

Accepted Answer

No. DSCR loans don't care about your employment status at all. The property's income is what gets approved.

Bank Statement vs DSCR Loans in Fort Bragg, CA