Question 1

Can I apply for both and choose later?

Accepted Answer

Yes. We can run your numbers both ways. The qualifying income may differ significantly between the two methods.

Question 2

Does my CPA need to prepare the P&L a specific way?

Accepted Answer

Yes. Lenders require a CPA-prepared, signed P&L on official letterhead. A self-prepared spreadsheet won't be accepted.

Question 3

Which loan has better rates in Fortuna?

Accepted Answer

Bank statement loans typically price better because more lenders offer them. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most Non-QM lenders want at least a 620. Better scores get better pricing on both products.

Question 5

How many months of P&L does a lender need?

Accepted Answer

Most lenders require a 12 or 24-month P&L. Some also want year-to-date figures if you're mid-year.

Question 6

Are these loans available for Fortuna investment properties?

Accepted Answer

Yes. Both loan types can be used for primary residences and investment properties. Down payment requirements differ by use.

Bank Statement vs P&L Loans: Which Fits You in Fortuna?