Loading
in Pacifica, CA
Pacifica buyers with non-traditional income face a real choice between bank statement and DSCR loans. Both programs sidestep W-2 requirements and work for self-employed, freelance, and business-owner borrowers.
San Mateo County's median household income is $156,000. Bank statement and DSCR loans compete for borrowers whose actual income doesn't show up on a tax return.
Bank statement loans let self-employed and freelance borrowers qualify on 24 months of bank statements. Lenders average your deposits across two years to establish income, bypassing tax returns entirely.
Typical down payments run 20% to 25% for bank statement loans. Credit scores usually start at 680, though 700+ opens better pricing.
DSCR loans target rental property investors and are priced on the property's debt-service coverage ratio. The lender divides the property's annual rental income by its annual debt payments.
DSCR loans typically require 20% to 25% down and a 680+ credit score. They work for primary residences too, but the lender uses the property's cash flow as the qualification metric.
Local decision guide
Use this comparison to weigh Bank Statement Loans and DSCR Loans through local payment fit, eligibility, documentation, and timing before choosing a path in Pacifica.
Pacifica buyers with non-traditional income face a real choice between bank statement and DSCR loans. Both programs sidestep W-2 requirements and work for self-employed, freelance, and business-owner borrowers.
San Mateo County's median household income is $156,000. Bank statement and DSCR loans compete for borrowers whose actual income doesn't show up on a tax return.
Bank statement loans let self-employed and freelance borrowers qualify on 24 months of bank statements. Lenders average your deposits across two years to establish income, bypassing tax returns entirely.
Bank statement loans qualify on your personal cash deposits; DSCR loans qualify on the property's rental income. If you're self-employed with strong bank deposits, bank statement is simpler.
Bank statement underwriting looks backward at your actual spending and deposits. DSCR underwriting looks forward at what the property will generate in rent.
Choose bank statement loans if you're a self-employed consultant, freelancer, or business owner. Your income shows up in your bank account, not on a W-2.
Choose DSCR loans if you're buying a rental property or your primary residence will generate rental income. The property's ability to pay for itself matters most.
No. Most lenders start at 680 FICO for bank statement loans. Scores above 700 get better rates and terms.
Yes. DSCR loans work for primary residences, but the lender qualifies you on the property's rental income, not your personal income.
Bank statement loans typically close in 45–60 days because the lender manually reviews 24 months of statements. DSCR loans move faster, around 30–45 days.
Both bank statement and DSCR loans typically require 20% to 25% down. Some lenders offer 15% down with a higher credit score.
DSCR loans are built for rental properties. The lender cares about the property's monthly rent, not your personal income.