Question 1

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

Accepted Answer

Some lenders allow both for a stronger file. Ask us which lenders in our network accept hybrid documentation.

Question 2

Do P&L loans require a licensed CPA?

Accepted Answer

Most lenders require a licensed CPA or enrolled agent. A bookkeeper's statement usually won't qualify.

Question 3

Which loan has lower rates in Piedmont?

Accepted Answer

Bank statement loans typically price better. Rates vary by borrower profile and market conditions.

Question 4

How recent does my P&L statement need to be?

Accepted Answer

Most lenders want a P&L covering the past 12 months. Some require year-to-date plus prior year.

Question 5

Can I use a P&L loan for a Piedmont jumbo purchase?

Accepted Answer

Yes. Many non-QM lenders offer jumbo amounts on P&L loans. Expect stricter credit and reserve requirements.

Question 6

What credit score do I need for these loans?

Accepted Answer

Most lenders want at least 660 to 680 for both programs. Higher scores unlock better pricing.

Bank Statement vs P&L Loans: Piedmont's Self-Employed Guide