Question 1

What credit score do I need for each loan type in Chino?

Accepted Answer

Conventional Loans typically require 620 or higher credit scores. DSCR Loans often need 660-680 minimum, though requirements vary by lender and property type.

Question 2

Can I use a DSCR Loan for my primary residence?

Accepted Answer

No, DSCR Loans are exclusively for investment properties. If you're buying a primary residence in Chino, you'll need a Conventional Loan or other owner-occupied financing.

Question 3

Which loan closes faster in Chino?

Accepted Answer

DSCR Loans often close faster since they require less income documentation. Conventional Loans need more paperwork verification, which can extend the timeline slightly.

Question 4

Do both loan types work for multifamily properties in San Bernardino County?

Accepted Answer

Yes, both can finance multifamily properties. Conventional Loans cover 1-4 units for owner-occupants. DSCR Loans work for 1-4 unit investment properties based on rental income.

Question 5

Are interest rates higher on DSCR Loans?

Accepted Answer

Generally, yes. DSCR Loans typically have slightly higher rates than Conventional Loans. Rates vary by borrower profile and market conditions for both options.

Conventional Loans vs DSCR Loans in Chino: Which Mortgage Fits Your Investment Goals?