Question 1

Can I use a Bank Statement loan for a rental property in San Carlos?

Accepted Answer

Yes, Bank Statement loans work for investment properties, primary residences, and second homes. You'll qualify based on your personal bank deposits rather than tax returns.

Question 2

Do DSCR loans require any personal income documentation?

Accepted Answer

No, DSCR loans qualify you solely on the rental property's income. Your employment, personal income, and tax returns don't factor into approval at all.

Question 3

Which loan type typically has better rates?

Accepted Answer

Rates vary by borrower profile and market conditions for both programs. Neither consistently offers better pricing—your specific situation and the property determine your rate.

Question 4

Can I buy my primary residence with a DSCR loan?

Accepted Answer

No, DSCR loans are exclusively for investment properties. For a primary residence, you'd need a Bank Statement loan or conventional financing instead.

Question 5

How many months of bank statements do I need?

Accepted Answer

Most Bank Statement loan programs require 12 to 24 months of personal or business bank statements to calculate your qualifying income.

Bank Statement vs DSCR Loans: Which Non-QM Option Works for San Carlos Investors?