Question 1

Do both loans require a minimum credit score?

Accepted Answer

Yes. Most Non-QM lenders require at least a 620 score for either option. Higher scores get better rates.

Question 2

Can I use personal bank statements instead of business?

Accepted Answer

Many lenders accept personal statements on bank statement loans. Business statements are also accepted, often with a higher expense ratio applied.

Question 3

Who prepares the P&L statement?

Accepted Answer

It must be CPA-prepared — self-prepared P&Ls are not accepted. Your CPA needs to sign and certify the document.

Question 4

Are rates higher on these loans than conventional?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional financing. Rates vary by borrower profile and market conditions.

Question 5

Can I switch methods if one qualifies me for more?

Accepted Answer

Yes. We run both scenarios for Albany borrowers before submission. You pick the path that gets you the loan you need.

Bank Statement vs P&L Loans for Albany's Self-Employed