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in Beaumont, CA
Beaumont borrowers have access to flexible financing beyond traditional mortgages. Bank Statement Loans and DSCR Loans offer paths to homeownership for those who don't fit conventional guidelines.
Both are non-QM loan products designed for unique situations. Bank Statement Loans serve self-employed borrowers, while DSCR Loans target real estate investors. Understanding the differences helps you choose the right option.
Bank Statement Loans use 12 to 24 months of bank statements to verify income for self-employed borrowers. This approach replaces traditional tax returns and W-2 forms.
Perfect for business owners, freelancers, and contractors who show strong cash flow. Your deposits demonstrate your ability to repay the loan. Rates vary by borrower profile and market conditions.
DSCR Loans qualify investors based on a rental property's income rather than personal income. The Debt Service Coverage Ratio measures whether rent covers the mortgage payment.
Your personal employment and income don't matter for qualification. The property itself must generate enough rental income to support the loan. This makes DSCR Loans popular with real estate investors in Beaumont.
The main difference is what qualifies you for the loan. Bank Statement Loans focus on your personal income through business deposits. DSCR Loans focus solely on the rental property's cash flow.
Bank Statement Loans work for primary residences, second homes, and investment properties. DSCR Loans only apply to investment properties. Your goal determines which loan makes sense for your Beaumont purchase.
Both offer flexibility that traditional loans cannot match. Neither requires W-2s or traditional employment verification. Rates vary by borrower profile and market conditions for both products.
Choose Bank Statement Loans if you're self-employed and buying a home to live in. They're also good for self-employed investors who want one flexible loan type for multiple properties.
Choose DSCR Loans if you're building a rental portfolio in Beaumont. They work best when you want to keep personal finances separate from investment properties. No income documentation means faster, simpler applications.
Consider your long-term goals and property plans. A mortgage broker can analyze your specific situation and recommend the best fit. Both loans open doors that conventional financing keeps closed.
Yes, both work for investment properties. Bank Statement Loans verify your personal income, while DSCR Loans only check the property's rental income. Choose based on your documentation preference.
Rates vary by borrower profile and market conditions for both products. Your credit score, down payment, and property type affect pricing. Compare quotes for your specific situation.
Bank Statement Loans replace tax returns with bank statements. DSCR Loans typically don't require personal tax returns at all. Both offer alternatives to traditional documentation.
Down payment requirements vary by lender and loan type. Most non-QM loans require 15-25% down. Investment properties typically need larger down payments than primary residences.
Yes, both Bank Statement and DSCR Loans are available for refinancing. The same qualification standards apply whether you're purchasing or refinancing a Beaumont property.