Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, most lenders accept personal statements. Business accounts usually require an expense ratio adjustment to calculate qualifying income.

Question 2

Does my CPA need special credentials for a P&L loan?

Accepted Answer

Lenders typically require a licensed CPA or tax professional. A bookkeeper-prepared statement usually won't qualify.

Question 3

Which loan has better rates, bank statement or P&L?

Accepted Answer

Rates are similar across both. Rates vary by borrower profile and market conditions — credit score and down payment matter more than loan type.

Question 4

How many months of bank statements do lenders want?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months, especially if your income fluctuates significantly month to month.

Question 5

Can I use either loan to buy in Madera County?

Accepted Answer

Yes. Both are available for purchases and refinances in Chowchilla and across Madera County through wholesale non-QM lenders.

Question 6

What credit score do I need for these non-QM loans?

Accepted Answer

Most non-QM lenders want at least a 620 score. Some programs go lower, but expect higher rates and larger down payment requirements.

Bank Statement vs P&L Loans in Chowchilla