Question 1

Can I use a bank statement loan to buy a rental in Big Bear?

Accepted Answer

Yes. Bank statement loans work on investment properties. But if the rental income alone covers the debt, DSCR may be the simpler approval.

Question 2

Do DSCR loans require any personal income proof?

Accepted Answer

No. DSCR loans skip personal income docs entirely. Lenders focus on the property's rent versus its monthly debt payment.

Question 3

What credit score do these loans typically require?

Accepted Answer

Most non-QM lenders want at least 620–640. Stronger credit gets you better pricing on both bank statement and DSCR loans.

Question 4

Can short-term rental income count for DSCR in Big Bear?

Accepted Answer

Some lenders allow short-term rental income with documented history. Not all do — lender policies vary significantly on this.

Question 5

Which loan closes faster?

Accepted Answer

DSCR loans often move quicker since there's no personal income to verify. Bank statement loans need time to review deposit history.

Bank Statement vs DSCR Loans in Big Bear Lake