Question 1

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

Accepted Answer

No, lenders require one income documentation method per loan. You pick the approach that shows stronger qualifying income. We calculate both before you apply.

Question 2

Do I need a licensed CPA or can any accountant prepare my P&L?

Accepted Answer

Most lenders require a licensed CPA signature. A bookkeeper or non-licensed accountant won't meet program requirements for P&L loans.

Question 3

Which option gets me a lower interest rate?

Accepted Answer

Rates are typically identical between these programs. Both are non-QM products priced on credit score, down payment, and property type—not documentation style.

Question 4

How far back do my bank statements need to go?

Accepted Answer

Most programs require 12 months minimum. Some lenders accept 24 months to average out seasonal income fluctuations for better qualification.

Question 5

What if my business expenses are really low?

Accepted Answer

P&L loans likely qualify you for more. Bank statement programs deduct 25-50% regardless of actual expenses, so low-overhead businesses benefit from showing real numbers via CPA statements.

Bank Statement vs P&L Loans in San Pablo: Which Non-QM Fits Your Business?