Question 1

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

Accepted Answer

Some lenders allow both as supporting docs. Most require you to qualify under one method. We identify which approach gets you approved.

Question 2

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans don't require a CPA. A P&L loan does — the statement must be prepared and signed by a licensed accountant.

Question 3

Which loan has a lower minimum credit score?

Accepted Answer

Both are non-QM loans and often start around 620 to 640. Requirements vary by lender. We match you to lenders based on your actual score.

Question 4

How long does a P&L loan take to close?

Accepted Answer

P&L loans can move quickly once your CPA delivers the statement. Timeline depends on the lender and how fast docs come together.

Question 5

Are these loans available for investment properties in Del Rey Oaks?

Accepted Answer

Yes. Both bank statement and P&L loans can be used for investment properties. Terms differ from primary residence loans.

Question 6

Which option works better for newer self-employed borrowers?

Accepted Answer

P&L loans sometimes accept a shorter track record. Bank statement loans typically want 24 months of self-employment history.

Bank Statement vs P&L Loans in Del Rey Oaks