Question 1

Can I use personal bank statements instead of business ones?

Accepted Answer

Yes. Most lenders accept personal statements. Business accounts typically require an expense factor applied to deposits.

Question 2

Who qualifies to prepare the P&L statement?

Accepted Answer

It must be prepared and signed by a licensed CPA or tax professional. A self-prepared P&L won't be accepted.

Question 3

Do both loans allow second homes or investment properties?

Accepted Answer

Yes. Both programs can be used for primary residences, second homes, and investment properties in Mammoth Lakes.

Question 4

Which loan has a lower minimum credit score?

Accepted Answer

Requirements vary by lender. Most Non-QM programs on either type start around 620 to 640. Some lenders go lower.

Question 5

Can I use either loan for a Mammoth vacation rental purchase?

Accepted Answer

Yes, both can work for investment or vacation properties. We'll match you with lenders comfortable with Mammoth's rental market.

Bank Statement vs P&L Loans in Mammoth Lakes