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 program. Some P&L lenders go as low as 600.

Question 2

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

Accepted Answer

Some lenders allow it. Using both can strengthen your file if one source alone shows weaker income.

Question 3

How long does my business need to be open?

Accepted Answer

Bank statement loans typically need 2 years in business. Some P&L lenders accept 12 months of operating history.

Question 4

Who prepares the P&L statement?

Accepted Answer

It must be a licensed CPA or tax professional. Self-prepared P&Ls are not accepted by lenders.

Question 5

Which loan closes faster in Amador City?

Accepted Answer

Timelines depend on documentation readiness. P&L loans can move faster when your CPA turns around the statement quickly.

Question 6

Are these loans available for investment properties?

Accepted Answer

Yes. Both bank statement and P&L loans can be used for primary homes and investment properties in California.

Bank Statement vs P&L Loans in Amador City