Question 1

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

Accepted Answer

Some lenders accept both to cross-reference income. We work with over 200 wholesale lenders — a few allow combined documentation.

Question 2

Which loan has the lower rate?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither product consistently prices lower — it depends on your credit, LTV, and the lender.

Question 3

Does my CPA need to be licensed for a P&L loan?

Accepted Answer

Yes. Lenders require a CPA or licensed tax professional to prepare and sign the P&L. A bookkeeper alone won't qualify.

Question 4

How far back do bank statements need to go?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months. More history typically strengthens your file.

Question 5

Are these loans available in Hayward specifically?

Accepted Answer

Yes. Both bank statement and P&L loans are available in Hayward and throughout Alameda County through our wholesale lender network.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 credit score. Better scores get better pricing on both products.

Bank Statement vs P&L Loans: Which Fits You in Hayward?