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in Riverside, CA
Riverside borrowers who don't fit traditional lending boxes have strong options. Bank Statement Loans and DSCR Loans both offer flexible qualification paths.
Bank Statement Loans work well for self-employed business owners. DSCR Loans target real estate investors buying rental properties. Both are non-QM products with different income verification methods.
Bank Statement Loans use 12 to 24 months of bank statements to verify income. This helps self-employed borrowers who can't provide traditional tax returns or W-2s.
Freelancers, contractors, and business owners often benefit from this program. Your deposits show income instead of tax documents. Rates vary by borrower profile and market conditions.
DSCR Loans qualify investors based on rental property income rather than personal income. The property must generate enough rent to cover the mortgage payment.
Your tax returns and W-2s don't matter with DSCR financing. The property's cash flow is what counts. This makes it ideal for investors building rental portfolios in Riverside County.
The main difference is what income gets reviewed. Bank Statement Loans examine your business cash flow through deposits. DSCR Loans only look at the rental property's income potential.
Bank Statement Loans work for primary homes and investment properties. DSCR Loans are strictly for rental investments. Your employment type determines which loan makes sense.
With Bank Statement Loans, you need consistent deposits over many months. DSCR Loans require strong rental income from the property itself. Neither requires traditional employment verification.
Choose Bank Statement Loans if you're self-employed and buying a home to live in. This option proves income through your business deposits. It works for primary residences and rental properties.
Choose DSCR Loans if you're an investor focused on rental properties. You don't need to show personal income at all. The property must generate sufficient rent to qualify.
Talk with a Riverside mortgage broker about your specific situation. They'll review your income sources and property goals. The right choice depends on whether you're buying to live or invest.
Yes, but DSCR Loans are designed specifically for rentals. Bank Statement Loans can work for investment properties if you qualify through your business income.
Bank Statement Loans require strong deposit history over 12-24 months. DSCR Loans need the property's rent to cover the mortgage, typically a 1.0 or higher ratio.
Generally yes, as non-QM products. Expect 15-25% down for most scenarios. Your exact requirement depends on credit score and property type.
DSCR Loans often close quicker since there's less personal income documentation. Bank Statement Loans need months of statements reviewed and verified.
Possibly, but you'd use one per property. A self-employed investor might use Bank Statement for their home and DSCR for rental properties.