Question 1

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

Accepted Answer

Some lenders accept both to strengthen your file. Ask us which lenders allow combined documentation.

Question 2

Do P&L loans require a licensed CPA?

Accepted Answer

Yes. Most lenders require a CPA or licensed tax professional to prepare and sign the statement. A self-prepared P&L won't qualify.

Question 3

Which loan has better rates — bank statement or P&L?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither is consistently cheaper — your credit score and LTV matter more.

Question 4

How recent do my bank statements need to be?

Accepted Answer

Most lenders want the most recent 12 or 24 months. Statements older than 60-90 days at time of application usually won't count.

Question 5

What credit score do these loans require?

Accepted Answer

Most non-QM lenders want at least a 620-640 score for these products. Higher scores get better pricing.

Question 6

Are these loans available for properties in Arcata specifically?

Accepted Answer

Yes. Non-QM lenders are active in Humboldt County. Rural location can affect appraisal requirements, so flag that upfront.

Bank Statement vs P&L Loans for Arcata's Self-Employed