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in Oceanside, CA
Oceanside's rental market attracts both self-employed buyers and pure investors. Bank statement loans prove income through deposits, while DSCR loans ignore your personal income entirely.
Most borrowers don't need both—you're either buying to live in or buying to rent out. The loan type follows that split.
Bank statement loans use 12 or 24 months of business or personal account deposits to calculate income. Lenders average your monthly deposits and apply a percentage (usually 50-75%) to account for expenses.
You can buy a primary residence, second home, or investment property. Credit minimums start at 620, though 680+ gets better pricing. Rates typically run 1-2% above conventional.
DSCR loans qualify you based solely on the property's rental income versus its mortgage payment. If rent covers the debt service by at least 1.0x (or sometimes 0.75x), you're approved—no personal income review.
Investment properties only. The lender pulls a rent schedule or appraisal to confirm market rents, then divides that by your total housing payment. Hit the ratio, get the loan.
Bank statement loans check your income. DSCR loans don't care what you make—they only care what the property makes. If you're self-employed and want to live in an Oceanside home, bank statements are your path.
DSCR locks you into investment property only. You can't occupy the home. Rates run similar between both, but DSCR loans often allow higher leverage if the rental numbers work.
Choose bank statement if you're self-employed and buying a home to live in. Your deposits prove income even when tax write-offs kill your AGI. It's built for business owners who want owner-occupied financing.
Pick DSCR if you're buying a rental and don't want to share tax returns or income docs. You might be W-2, retired, or foreign national—doesn't matter. The property's rent carries the file.
Yes, but DSCR is usually simpler. Bank statement loans allow rentals, but you still prove personal income through deposits—DSCR skips that entirely.
Rates are similar. Both run 1-2% above conventional, varying by credit, down payment, and lender appetite. Rates vary by borrower profile and market conditions.
No. Bank statement loans replace tax returns with deposit records. DSCR loans ignore your income completely and focus on property cash flow.
Bank statement loans start at 10% down. DSCR loans typically require 20-25% down, though some lenders go to 15% with strong ratios.
You use one per property. If you're buying your Oceanside home and a rental, you'd use bank statement for the primary and DSCR for the rental.