Question 1

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

Accepted Answer

Some lenders accept both together to strengthen your file. We'll tell you which combo gets you the best qualifying income.

Question 2

Do both loans require a CPA?

Accepted Answer

P&L loans always require a licensed CPA. Bank Statement loans don't, but a CPA can still help structure your application.

Question 3

Which loan has better interest rates?

Accepted Answer

Bank Statement loans typically have more lender competition, which helps rates. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score for both programs. Higher scores unlock better pricing on both.

Question 5

How long does it take to close?

Accepted Answer

Both programs close in roughly 21 to 30 days. P&L loans can move faster if your CPA turns documents quickly.

Question 6

Are these loans available for Novato investment properties?

Accepted Answer

Yes, both programs work for investment purchases in Marin County. Expect a higher down payment requirement on non-owner-occupied deals.

Bank Statement vs P&L Loans in Novato