Question 1

Can I apply for both loan types at once?

Accepted Answer

We can evaluate both options side by side. We'll tell you which one gets you the better rate and terms for your situation.

Question 2

Do P&L loans require a licensed CPA?

Accepted Answer

Most lenders require a CPA or licensed tax professional to prepare the statement. A self-prepared P&L won't qualify.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months for better rates or larger loan amounts.

Question 4

Are these loans available in Mendocino County?

Accepted Answer

Yes. Non-QM lenders work statewide in California. Point Arena and rural Mendocino County properties are eligible.

Question 5

Which loan type has lower rates?

Accepted Answer

Neither has a clear rate advantage — pricing depends on your credit, down payment, and lender. Rates vary by borrower profile and market conditions.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Better scores unlock better pricing on both bank statement and P&L programs.

Bank Statement vs P&L Loans in Point Arena