Question 1

Can I use a DSCR loan to buy a primary home?

Accepted Answer

No. DSCR loans are for investment properties only. Owner-occupied homes require a different loan type.

Question 2

Do Bank Statement loans work for rental properties?

Accepted Answer

Yes, but your personal income still drives qualification. DSCR is often the simpler choice for investment purchases.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620-640 for both programs. Higher scores get better rates on Non-QM products.

Question 4

Can I buy in Apple Valley using an LLC?

Accepted Answer

DSCR loans allow LLC ownership. Bank Statement loans typically require an individual borrower, not an entity.

Question 5

Which loan has a lower down payment requirement?

Accepted Answer

Both typically require 20-25% down. DSCR lenders may require more depending on the DSCR ratio and property type.

Question 6

How long does it take to close either loan?

Accepted Answer

Both are Non-QM loans and can close in 3-4 weeks with a prepared borrower. Missing documents are the main delay.

Bank Statement vs DSCR Loans in Apple Valley