Question 1

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

Accepted Answer

Some lenders allow both for income support. Ask your broker which lenders accept combined documentation.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Non-QM loans typically require more down than conventional. Exact requirements vary by lender and borrower profile.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620. Higher scores get better rates — rates vary by borrower profile and market conditions.

Question 4

Who prepares the P&L for a P&L Statement Loan?

Accepted Answer

A licensed CPA must prepare it. Lenders won't accept self-prepared P&L statements.

Question 5

How far back do lenders look at bank statements?

Accepted Answer

Usually 12 or 24 months. More months generally means a more accurate income picture for the lender.

Bank Statement vs P&L Loans in Ross, CA