Question 1

Do both loans require good credit?

Accepted Answer

Yes. Most non-QM lenders want at least a 620 score. Better credit gets you better rates on both programs.

Question 2

Can I use both personal and business bank statements?

Accepted Answer

Many lenders allow either. Business statements often require an expense factor applied to deposits.

Question 3

Who prepares the P&L statement?

Accepted Answer

It must be CPA-prepared and signed. A self-prepared P&L will not be accepted by non-QM lenders.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some programs require 24 months for better rate tiers.

Question 5

Are these loans available in Bishop, Inyo County?

Accepted Answer

Yes. Non-QM programs are available statewide. Property location doesn't restrict access to these loan types.

Question 6

Which loan closes faster?

Accepted Answer

P&L loans can move faster with fewer documents to review. Bank statement loans take longer due to transaction analysis.

Bank Statement vs P&L Loans in Bishop, CA