Question 1

Can I use a bank statement loan to buy a rental property?

Accepted Answer

Yes, but it's not the most efficient tool. DSCR loans are built for rentals and don't count your personal income against you.

Question 2

Do DSCR loans require any income documentation?

Accepted Answer

No personal income docs are needed. Lenders verify the property's rental income, typically through a lease or appraiser's rent schedule.

Question 3

What credit score do I need for these loans?

Accepted Answer

Both are non-QM loans. Most lenders want at least a 620 to 660 score. Higher scores get better pricing. Rates vary by borrower profile and market conditions.

Question 4

Can I be self-employed and use a DSCR loan?

Accepted Answer

Yes. DSCR doesn't verify personal income at all. Self-employed investors often prefer it for that exact reason.

Question 5

How many months of bank statements do lenders require?

Accepted Answer

Most lenders accept 12 months. Some require 24 for higher loan amounts or lower credit scores. It depends on the lender.

Question 6

Are both loan types available in Riverbank, CA?

Accepted Answer

Yes. Both are non-QM programs available throughout Stanislaus County. Access depends on the wholesale lender network your broker uses.

Bank Statement vs DSCR Loans in Riverbank, CA