Question 1

Do both loans skip tax returns?

Accepted Answer

Yes. Neither program uses tax returns to verify income. That's the point for self-employed borrowers whose write-offs lower their taxable income.

Question 2

Can I use personal bank statements?

Accepted Answer

Some lenders allow personal statements with a higher expense factor applied. Business statements typically produce a stronger qualifying income.

Question 3

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Lenders won't accept a borrower-prepared P&L — it has to come from a verified third party.

Question 4

Which loan has lower rates?

Accepted Answer

Bank statement loans generally price slightly better than P&L loans. Rates vary by borrower profile and market conditions.

Question 5

Can I qualify in Mariposa with either loan?

Accepted Answer

Yes. Both are non-QM programs available statewide in California. Property type and loan amount still affect which lenders will participate.

Bank Statement vs P&L Loans in Mariposa, CA