Question 1

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

Accepted Answer

No. DSCR is for investment properties only. Use a Bank Statement Loan for a primary or second home.

Question 2

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620–640. Higher scores get better rates on both programs.

Question 3

Do both loans require a down payment?

Accepted Answer

Yes. Expect 10–20% down for Bank Statement and 20–25% for most DSCR loans.

Question 4

Can a self-employed investor use both loan types?

Accepted Answer

Yes. A self-employed landlord might use Bank Statement for a personal purchase and DSCR for a rental.

Question 5

Which loan closes faster in Hesperia?

Accepted Answer

DSCR often closes faster. There's less personal income documentation to gather and verify.

Question 6

Are these loans available for multi-unit properties?

Accepted Answer

DSCR is commonly used for 2–4 unit rentals. Bank Statement can work for multi-units tied to owner-occupancy.

Bank Statement vs DSCR Loans in Hesperia, CA