Question 1

Can I use both loans together?

Accepted Answer

No — you pick one documentation method per loan. Some lenders let you switch if one approach doesn't qualify you.

Question 2

Does my CPA need to be licensed for a P&L loan?

Accepted Answer

Yes. Lenders require a licensed CPA or tax professional. Self-prepared statements won't be accepted.

Question 3

Which loan has lower rates?

Accepted Answer

Both are Non-QM and priced similarly. Rates vary by credit score, loan-to-value, and lender. Rates vary by borrower profile and market conditions.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months for better rate pricing.

Question 5

What credit score do these loans require?

Accepted Answer

Most Non-QM lenders want at least 620 to 640. Stronger scores get better rates on both programs.

Question 6

Which loan closes faster?

Accepted Answer

Bank statement loans typically move faster. P&L loans depend on how quickly your CPA can produce and sign off on statements.

Bank Statement vs P&L Loans in Imperial, CA