Question 1

Can I apply for both and compare?

Accepted Answer

Yes. We run both scenarios before submitting anything. You pick the program that qualifies you for the best terms.

Question 2

Does the CPA need to be local to Corcoran?

Accepted Answer

No. Any licensed CPA can prepare the P&L. The lender verifies the CPA's credentials, not their location.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some want 24. Longer history usually produces a stronger income average.

Question 4

Do these loans have higher rates than conventional?

Accepted Answer

Non-QM loans typically carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Some P&L programs go lower with a larger down payment.

Question 6

Can I use a personal bank account for a bank statement loan?

Accepted Answer

Yes. Personal accounts avoid the expense-factor reduction applied to business accounts. Some borrowers qualify higher this way.

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