Question 1

Can I qualify with either loan if I write off a lot?

Accepted Answer

Yes — that's the point. Neither program uses tax returns. Your write-offs don't count against you.

Question 2

Do I need a CPA for a bank statement loan?

Accepted Answer

No CPA required. You just provide 12 to 24 months of statements. The lender runs the income calculation.

Question 3

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

Accepted Answer

Bank statement programs typically have more lender competition, which can mean better pricing. Rates vary by borrower profile and market conditions.

Question 4

How long does my business need to be operating?

Accepted Answer

Most lenders want two years of self-employment history for both programs. Some allow 12 months with strong compensating factors.

Question 5

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

Accepted Answer

Some lenders allow it as supporting documentation. Usually one method is primary. We'll identify which approach gets you the strongest approval.

Question 6

Are these loans available for Eureka properties specifically?

Accepted Answer

Yes. Non-QM lenders lend in Humboldt County. Rural location may affect appraisal requirements but not program eligibility.

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