Question 1

Can I use a bank statement loan for an investment property?

Accepted Answer

No. Bank statement loans require owner occupancy as your primary residence. Investment properties need DSCR or other investor loan programs.

Question 2

Do DSCR loans require any personal income documentation?

Accepted Answer

None. DSCR lenders qualify you purely on the property's rent versus mortgage payment. Your personal income is irrelevant to the approval.

Question 3

Which loan has lower rates in Santa Maria?

Accepted Answer

Bank statement loans often price slightly better because owner-occupied loans carry less risk. DSCR rates typically run 0.25% to 0.5% higher.

Question 4

Can I combine both loan types for multiple properties?

Accepted Answer

Yes. Use a bank statement loan for your primary residence and DSCR loans for rental properties. We structure this strategy regularly for Santa Maria clients.

Question 5

What credit score do I need for each option?

Accepted Answer

Bank statement loans start at 620. DSCR loans typically require 640, though some lenders go lower if the DSCR ratio is strong.

Bank Statement Loans vs DSCR Loans in Santa Maria: Which Non-QM Option Fits Your Deal?