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in Loomis, CA
Loomis sits in Placer County with a mix of primary homes and rental properties. If you're self-employed or buying investment property here, traditional W-2 income docs won't cut it.
Bank statement and DSCR loans both skip tax returns, but they serve completely different borrowers. One qualifies you on business cash flow. The other only cares if the rent covers the mortgage.
Bank statement loans use 12 to 24 months of personal or business bank deposits to calculate your income. Lenders take total deposits, subtract a percentage for expenses, and use that figure for qualification.
This works for self-employed borrowers buying a primary home, second home, or investment property in Loomis. You need decent credit and cash reserves, but your tax return doesn't matter.
DSCR loans qualify you based on one thing: rental income divided by the mortgage payment. If the property in Loomis rents for more than the PITIA payment, you're golden. Your personal income doesn't enter the equation.
This only works for investment properties. You can't use DSCR for your primary residence or second home, no matter how much rental income you think you could get.
Bank statement loans look at you as a borrower. DSCR loans look at the property as an investment. That's the fundamental split. Bank statement requires proving your business generates cash flow. DSCR requires proving the rental covers the note.
Bank statement works for any property type including your own home. DSCR is investment-only. If you're self-employed and buying a place to live in Loomis, bank statement is your only non-QM path. If you're buying a rental and have messy personal income, DSCR ignores all of it.
Choose bank statement if you're self-employed and buying your own home in Loomis. It's also the pick if you're an investor with strong bank deposits but need to finance multiple properties under your name.
Choose DSCR if you're buying a rental property and either have complicated personal income or simply want the property to stand on its own. DSCR works especially well for real estate investors scaling a portfolio without hitting debt-to-income walls.
Yes. Bank statement loans work for investment properties, second homes, and primary residences. You just need to prove business income through deposits.
No. DSCR loans qualify based solely on the rental property's income versus the mortgage payment. Your personal tax returns never come into play.
Rates vary by borrower profile and market conditions. DSCR rates often edge lower when the property has strong rental income and you put 25% down.
No. DSCR loans are for investment properties only. If you're living in the property, even partially, bank statement is your option.
Both typically require 620 minimum. Higher scores unlock better rates. DSCR lenders sometimes accept 600 if the rental income is strong.