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in Oceanside, CA
Both loan types let Oceanside self-employed borrowers skip tax returns. The difference is how lenders verify your income.
Bank statement loans pull from your deposit history. P&L loans rely on a CPA's summary of your business finances.
Most self-employed borrowers qualify faster with bank statements. P&L loans work when your business structure makes bank analysis messy.
Lenders review 12 to 24 months of business or personal bank statements. They calculate average monthly deposits and apply an income percentage.
Most programs use a 50% expense ratio. If your average monthly deposits hit $20,000, lenders count $10,000 as qualifying income.
You skip the CPA cost entirely. Just provide PDF statements from your bank and we handle the income calculation with underwriting.
A licensed CPA prepares a profit and loss statement covering your business income and expenses. Lenders use the net profit figure to qualify you.
The P&L typically covers 12 or 24 months. Your CPA must sign and certify the statement meets accounting standards.
This approach works when your bank statements show irregular deposits or when multiple business accounts complicate the picture.
Bank statement loans close faster because you skip CPA prep time. P&L loans add two to four weeks while your accountant drafts the statement.
Cost differs too. Bank statements run $0 to $200 for certified PDFs. CPA-prepared P&Ls cost $500 to $2,000 depending on business complexity.
Income calculation varies. Bank statements apply a flat expense ratio. P&Ls show actual expenses, which helps if your real costs run below 50%.
Oceanside contractors and consultants usually pick bank statements. Multi-entity business owners lean toward P&L loans when deposits cross several accounts.
Choose bank statements if your deposits land in one or two accounts and you want to close quickly. This covers most Oceanside self-employed borrowers.
Go with P&L if you run lean expenses and can prove it. A construction business with 30% costs beats the 50% assumption on bank statement programs.
P&L also makes sense when income flows through multiple LLCs or when personal and business funds mix. The CPA sorts it out cleanly.
No. Lenders pick one income verification method per file. We help you choose the option that maximizes your qualifying income.
Yes. Most programs want 620 minimum for both. Higher scores unlock better rates regardless of which income doc you use.
Rates are identical. The pricing depends on your credit, down payment, and property type, not which income doc you provide.
Most lenders want 12 months. Some accept 24 months if recent deposits look stronger than the 12-month average.
Yes. The accountant must hold an active CPA license. Bookkeepers and enrolled agents don't meet lender requirements for these programs.