Question 1

Can I apply for both and compare?

Accepted Answer

Yes. We often run both scenarios side by side. The one showing higher qualifying income usually wins.

Question 2

Does my CPA need to be licensed in California?

Accepted Answer

Most lenders require a CPA or licensed tax professional. California licensure is typically required for P&L loans.

Question 3

Which loan has better rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither program is consistently cheaper — it depends on your file.

Question 4

How recent do my bank statements need to be?

Accepted Answer

Most lenders want the most recent 12 or 24 months. Gaps or closed accounts can create problems.

Question 5

What credit score do I need for these loans?

Accepted Answer

Non-QM lenders typically want at least a 620 score. Stronger scores open up better terms on both programs.

Question 6

Can I use personal bank statements instead of business ones?

Accepted Answer

Many bank statement lenders accept personal accounts. Some apply a different expense factor when you do.

Bank Statement vs P&L Loans in Crescent City