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in Fillmore, CA
Fillmore borrowers have access to flexible financing options beyond traditional mortgages. Bank Statement Loans and DSCR Loans serve different needs in Ventura County's real estate market.
Both are non-QM products that skip traditional income verification. Understanding which matches your goals helps you secure the right financing for your property purchase.
Bank Statement Loans use 12 to 24 months of bank statements to verify income for self-employed borrowers. This eliminates the need for tax returns or W-2s that many business owners can't provide.
These loans help entrepreneurs and freelancers qualify using actual cash flow. They're ideal when your business writes off significant expenses that reduce taxable income.
Lenders analyze deposits to calculate qualifying income. This approach reveals your true earning power beyond what tax returns show.
DSCR Loans qualify investors based on a rental property's income rather than personal income. The property must generate enough rent to cover its own mortgage payment.
These loans don't require employment verification or personal tax returns. Lenders focus solely on the Debt Service Coverage Ratio of the investment property.
Investors purchase or refinance rental properties using the property's cash flow. This keeps your personal finances separate from investment decisions.
The main difference is who benefits from each loan type. Bank Statement Loans serve self-employed individuals buying primary homes or second properties.
DSCR Loans are strictly for investment properties with rental income. Your personal income doesn't matter, only the property's ability to pay for itself.
Bank Statement Loans require proving your income through deposits. DSCR Loans require proving the property generates enough rent to cover expenses and mortgage payments.
Choose Bank Statement Loans if you're self-employed and buying a home to live in. They work for primary residences, second homes, and even investment properties when you need personal income verification.
Choose DSCR Loans when buying rental properties as an investor. They're perfect if you want to expand your portfolio without your personal income limiting your purchasing power.
Consider your goals carefully before deciding. A Fillmore mortgage broker can analyze both options and recommend the best fit for your situation in Ventura County.
Yes, both Bank Statement and DSCR Loans are available in Fillmore and throughout Ventura County. A local broker can help you access either program based on your needs.
Rates vary by borrower profile and market conditions for both loan types. Your credit score, down payment, and property details influence your specific rate more than the loan program itself.
No, DSCR Loans don't consider employment status at all. They focus only on whether the rental property generates enough income to cover its mortgage payment.
Yes, Bank Statement Loans work for investment properties. However, DSCR Loans are typically simpler for investors since they don't require personal income documentation.
Both typically require 15-25% down, though requirements vary by lender. DSCR Loans may need larger down payments for properties with lower rental income ratios.