Question 1

Can I use rental income to qualify without showing my W-2 job?

Accepted Answer

Yes. DSCR loans qualify you entirely on what the property generates in rent. Your employment history and tax returns don't matter for approval.

Question 2

What credit score do I need for a Patterson investment property?

Accepted Answer

Most lenders want 620-680 minimum depending on down payment size. Higher credit scores unlock better rates and lower reserve requirements.

Question 3

How much should I put down on a rental property here?

Accepted Answer

Plan for 20-25% down to access the widest lender pool. You can go as low as 15% down but expect stricter credit and reserve requirements.

Question 4

Do Patterson properties qualify for DSCR loans?

Accepted Answer

Most do. Single-family homes and small multifamily properties work fine. Lenders need an appraisal showing market rents cover 100-125% of the mortgage payment.

Question 5

Can I close faster with investor loans than conventional mortgages?

Accepted Answer

Usually yes. DSCR loans skip employment and income verification, cutting 10-15 days off typical timelines. We close most Patterson deals in 21-30 days.

Question 6

What if the property needs major repairs before I can rent it?

Accepted Answer

Switch to hard money or bridge financing for renovation projects. DSCR lenders won't fund properties that can't appraise or rent immediately.

Investor Loans in Patterson: Rental Property Financing Without W-2 Restrictions