Question 1

Do both loans require a CPA?

Accepted Answer

P&L Loans require a CPA-prepared statement. Bank Statement Loans don't — your deposits do the work.

Question 2

Can I use personal bank statements?

Accepted Answer

Yes, most lenders accept personal or business accounts for Bank Statement Loans. They apply an expense factor to estimate net income.

Question 3

Which loan closes faster in Wasco?

Accepted Answer

P&L Loans often move quicker. One certified document beats gathering 24 months of bank records.

Question 4

Are tax returns required for either loan?

Accepted Answer

No. Both loans are specifically designed to qualify borrowers without tax returns.

Question 5

What credit score do I need for these loans?

Accepted Answer

Non-QM lenders typically want 620 or higher. Stronger scores get better rates — rates vary by borrower profile and market conditions.

Question 6

Can I use these loans to buy in Kern County?

Accepted Answer

Yes. Both Bank Statement and P&L Loans work for purchases and refinances in Kern County.

Bank Statement vs P&L Loans: Which Fits Your Wasco Business?