Question 1

Can I use a DSCR loan to buy a primary residence?

Accepted Answer

No. DSCR loans are for investment properties only. For a primary residence, a bank statement loan is the non-QM path.

Question 2

Do bank statement loans require good credit?

Accepted Answer

Most lenders want at least a 620 score, though higher scores get better terms. Rates vary by borrower profile and market conditions.

Question 3

What DSCR ratio do I need to qualify?

Accepted Answer

Most lenders require a 1.0 ratio — meaning rent equals or exceeds the monthly mortgage payment. Some lenders allow below 1.0 at a higher rate.

Question 4

Can I use both loans at the same time?

Accepted Answer

Yes. A self-employed buyer could use a bank statement loan for their home and a DSCR loan for a rental. They're separate transactions.

Question 5

Which loan closes faster in Fillmore?

Accepted Answer

DSCR loans often move faster — fewer income documents to gather. Bank statement loans require compiling months of deposit history.

Question 6

Are these loans available through traditional banks?

Accepted Answer

Rarely. Non-QM products like these live in the wholesale channel. Brokers with multiple lender relationships are typically your best access point.

Bank Statement vs DSCR Loans in Fillmore, CA