Question 1

Can I use both bank statements and a P&L together?

Accepted Answer

Some lenders allow both for added support. Most programs require one primary method. We'll match you to lenders who accept your strongest documentation.

Question 2

Do these loans work for Larkspur purchase prices?

Accepted Answer

Both are non-QM and can go to high loan amounts. Marin County prices are steep, so your income documentation needs to be solid.

Question 3

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Lenders will not accept self-prepared P&L statements.

Question 4

How far back do bank statements need to go?

Accepted Answer

Most lenders require 12 or 24 months. Twenty-four months gives a fuller income picture and can improve your qualifying average.

Question 5

Are rates higher on these loans than conventional?

Accepted Answer

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

Question 6

What credit score do I need for either program?

Accepted Answer

Most non-QM lenders want at least a 620 to 660 credit score. Stronger scores improve your rate on both programs.

Bank Statement vs P&L Loans in Larkspur