Question 1

Can I use both loans at the same time?

Accepted Answer

Yes, for different properties. Use Bank Statement for your primary home. Use DSCR for your Weed rental investment.

Question 2

Do DSCR lenders check my credit score?

Accepted Answer

Yes. Most DSCR lenders require a minimum 620 to 640 credit score. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for a Bank Statement Loan?

Accepted Answer

Most lenders want 640 or higher. Some go down to 620 with compensating factors like larger down payments.

Question 4

How much do I need to put down on a DSCR loan?

Accepted Answer

Expect 20% to 25% down for most DSCR loans. Some lenders require more for multi-unit properties.

Question 5

Are these loans available for rural areas like Weed?

Accepted Answer

Yes. Non-QM lenders generally lend in rural California. Property type and condition matter more than location for approval.

Question 6

Which loan closes faster?

Accepted Answer

DSCR can close faster since there's no personal income review. Bank Statement review takes longer when lenders audit deposit history.

Bank Statement vs DSCR Loans in Weed, CA