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in Greenfield, CA
Most Greenfield self-employed borrowers can't qualify with tax returns. These two non-QM loan types fix that.
Bank statement loans and P&L loans both skip W-2s. They just use different proof of income to get you there.
Bank statement loans use 12 to 24 months of deposits to calculate your income. Lenders average those deposits and apply an expense factor.
This works best when your bank account shows strong, consistent cash flow. Business owners and contractors often qualify this way.
P&L loans use a CPA-prepared profit and loss statement — typically covering 12 months — to prove income. No bank statements needed.
If your deposits are messy or you move money between accounts, a clean P&L can be simpler. Your CPA does the heavy lifting.
Bank statement loans require more raw documentation but give lenders a direct view of actual cash flow. P&L loans rely on your accountant's summary.
Rates on P&L loans often run slightly higher. Lenders see the CPA document as one step removed from real financial data.
If you have clean personal or business bank accounts and steady deposits, bank statement loans usually get you a better rate.
If your accounts are complicated — multiple entities, heavy transfers — a P&L loan may be faster and cleaner to underwrite.
Yes. Both are non-QM products available in California. A local broker can match you to the right one based on your financials.
Most lenders require 12 months minimum. Some programs want 24 months for a stronger income calculation.
It must be prepared by a licensed CPA. A self-prepared P&L won't satisfy most lenders.
Bank statement loans generally price lower. P&L loans carry added risk for lenders and that shows up in the rate. Rates vary by borrower profile and market conditions.
Yes, many lenders allow both. Business statements usually require an expense ratio applied to deposits to determine qualifying income.
Most non-QM lenders want at least a 620 score. Stronger credit means better pricing on both loan types.