Question 1

Can I qualify for both loan types at once?

Accepted Answer

You can apply for both and see which gets you better terms. We run scenarios across lenders before you commit to anything.

Question 2

Do these loans require a minimum credit score?

Accepted Answer

Most lenders want at least 620 to 660 for non-QM programs. Some go lower with larger down payments. Rates vary by borrower profile and market conditions.

Question 3

How long do I need to be self-employed?

Accepted Answer

Most lenders require at least two years of self-employment history. Some accept one year with strong financials.

Question 4

Is a CPA required for the bank statement loan?

Accepted Answer

No CPA needed for bank statement loans. You submit statements directly. The P&L loan is the one that requires a licensed CPA to prepare the document.

Question 5

Are Pacific Grove properties eligible for non-QM loans?

Accepted Answer

Yes. Non-QM loans work on primary homes, second homes, and investment properties. Property type and loan amount affect which lenders will participate.

Question 6

Which loan closes faster?

Accepted Answer

Bank statement loans often move faster — no CPA coordination required. P&L loans can stall if the accountant is slow to deliver.

Bank Statement vs P&L Loans in Pacific Grove