Question 1

Can I use a Bank Statement loan to buy a rental property?

Accepted Answer

Yes, some lenders allow it. But DSCR is usually simpler for rentals — it doesn't require documenting your personal income at all.

Question 2

Do DSCR loans require any income verification?

Accepted Answer

No personal income docs are needed. Lenders verify the property's rent against the projected mortgage payment — that's the qualification.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most Non-QM lenders want 660 or higher for competitive terms. Some go down to 620, but pricing gets worse below 680.

Question 4

Can I close a DSCR loan in an LLC?

Accepted Answer

Yes. Most DSCR lenders allow LLC vesting. Bank Statement loans typically require you to close in your personal name.

Question 5

How much do I need to put down?

Accepted Answer

Expect 10–20% down for Bank Statement loans. DSCR loans usually require 20–25% down on investment properties.

Question 6

Which loan closes faster in Ontario?

Accepted Answer

DSCR tends to close faster. Underwriting focuses on the property, not a full personal income analysis. Less back-and-forth on docs.

Bank Statement vs DSCR Loans in Ontario, CA