Question 1

Can I qualify for both loan types at once?

Accepted Answer

You can apply for both and compare offers. Most borrowers qualify for one more cleanly than the other based on their financials.

Question 2

Do both loans require a minimum credit score?

Accepted Answer

Yes. Both are non-QM loans, but lenders still require a minimum credit score. Requirements vary by lender and loan size.

Question 3

How current does my P&L statement need to be?

Accepted Answer

Most lenders want a P&L prepared within 60 days of application. Your CPA needs to be available to move fast.

Question 4

Which loan type has better rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither loan type is consistently cheaper — your qualifying income and credit score drive the rate.

Question 5

What if I have both personal and business bank accounts?

Accepted Answer

Lenders can use either or both. Business accounts often show higher volume, which can mean a higher qualifying income.

Question 6

Are these loans available for jumbo amounts in Belvedere?

Accepted Answer

Yes. Both loan types are available at jumbo loan amounts. Non-QM lenders regularly fund high-balance loans for qualified self-employed borrowers.

Bank Statement vs P&L Loans: Which Fits Belvedere's Self-Employed Buyers?