Question 1

Can I use a DSCR loan to buy my primary home in Fairfield?

Accepted Answer

No. DSCR loans are investment property only. For a primary residence, you need conventional, FHA, or VA financing.

Question 2

What credit score do I need for a DSCR loan?

Accepted Answer

Most DSCR lenders want a 680 minimum. Some go down to 660 with a higher down payment or stronger cash flow.

Question 3

Do DSCR loans have higher rates than conventional?

Accepted Answer

Yes. DSCR rates run above conventional rates. Rates vary by borrower profile and market conditions.

Question 4

Can I close a DSCR loan in my LLC?

Accepted Answer

Yes. That's one of DSCR's biggest advantages over conventional. Most lenders accept single-member LLCs without issue.

Question 5

How is DSCR calculated on a Fairfield rental property?

Accepted Answer

Divide the monthly rent by the total mortgage payment. A $2,200 rent on a $2,000 payment gives you a 1.1 DSCR.

Question 6

Which loan is faster to close in Fairfield?

Accepted Answer

DSCR loans often close faster. No income verification means fewer documents and fewer underwriting conditions.

Conventional vs DSCR Loans in Fairfield, CA