Question 1

Can I use both bank statements and a P&L?

Accepted Answer

Some lenders allow both for income layering. Most programs require you to pick one primary method.

Question 2

Do P&L loans require a licensed CPA?

Accepted Answer

Yes. Most lenders require a licensed CPA to prepare and sign the statement. Bookkeeper-prepared P&Ls are usually rejected.

Question 3

Which loan has a higher rate?

Accepted Answer

P&L loans often price slightly higher due to stricter lender scrutiny. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores improve your rate significantly on both programs.

Question 5

How long does approval take?

Accepted Answer

Both programs run through non-QM underwriting, which takes longer than conventional loans. Budget 30 to 45 days.

Question 6

Are these loans available for investment properties in Emeryville?

Accepted Answer

Yes. Both bank statement and P&L loans are available for investment properties. Expect a higher down payment requirement.

Bank Statement vs P&L Loans: Which Fits Your Emeryville Business?