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in Barstow, CA
Barstow borrowers have two strong non-QM loan options. Bank Statement Loans help self-employed individuals qualify using bank statements instead of tax returns. DSCR Loans allow investors to qualify based on rental property income alone.
Both programs skip traditional income verification. They serve different borrower types in San Bernardino County. Understanding each option helps you choose the right financing for your situation.
Bank Statement Loans use 12 to 24 months of bank statements to verify income. This works well for self-employed borrowers in Barstow whose tax returns don't reflect true earnings. Business owners, contractors, and freelancers benefit most from this program.
Lenders analyze deposits to calculate qualifying income. Personal or business bank statements can be used. Rates vary by borrower profile and market conditions. This option helps entrepreneurs buy primary homes or investment properties.
DSCR Loans qualify investors based on rental property income rather than personal income. The property must generate enough rent to cover the mortgage payment. This is measured by the Debt Service Coverage Ratio.
Real estate investors in Barstow can build portfolios without income limits. Your personal employment and tax returns don't matter for qualification. Rates vary by borrower profile and market conditions. This program focuses solely on the property's cash flow potential.
The main difference is who they serve. Bank Statement Loans target self-employed individuals buying any property type. DSCR Loans are exclusively for investors purchasing rental properties.
Income verification differs completely between the two. Bank Statement Loans analyze your deposit history to prove income. DSCR Loans ignore your income entirely and only review rental potential. Your borrower type determines which program works better.
Choose Bank Statement Loans if you're self-employed and need flexible income verification. This works for primary residences, second homes, or investment properties. Your business bank statements become your qualification tool.
Choose DSCR Loans if you're investing in Barstow rental properties. Your personal income doesn't matter for approval. The property's rental income must cover the mortgage payment. This option helps investors scale without income documentation headaches.
Yes, you could use Bank Statement Loans for one property and DSCR for another. The right choice depends on each property's purpose and how you want to qualify.
Rates vary by borrower profile and market conditions for both programs. Your credit score, down payment, and property type affect pricing more than the loan type itself.
Both are non-QM loans that typically require larger down payments than conventional loans. Exact requirements depend on your credit profile and the specific property.
No, DSCR Loans are exclusively for investment properties. For primary residences, consider Bank Statement Loans or other programs that fit your situation.
Both programs typically close within 30-45 days. Bank Statement Loans need time to review deposits. DSCR Loans require rental income analysis and property appraisals.