Question 1

Can I use personal bank statements instead of business ones?

Accepted Answer

Yes, many lenders accept personal statements. You'll need a clean paper trail showing business income flowing through.

Question 2

Does my CPA have to be local for a P&L loan?

Accepted Answer

No. Any licensed CPA can prepare the statement. The lender just needs a valid license number and signed certification.

Question 3

Which loan has a higher minimum credit score?

Accepted Answer

Requirements vary by lender. Most non-QM programs start around 620 to 660 for both loan types.

Question 4

Can I have both a P&L and bank statements ready?

Accepted Answer

Yes, and you should. Having both lets us shop more lenders and find the qualifying income that works best for you.

Question 5

Are these loans available for Mendocino County properties?

Accepted Answer

Yes. Non-QM lenders are not restricted by county. Property type and loan-to-value matter more than location.

Question 6

How long does it take to close a non-QM loan?

Accepted Answer

Typically 21 to 30 days once documentation is complete. P&L loans can move faster if your CPA responds quickly.

Bank Statement vs P&L Loans: Which Fits Your Willits Business?