Question 1

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

Accepted Answer

Some lenders allow both docs to support your file. Usually one is primary and the other is supplemental.

Question 2

Who prepares the P&L for a P&L loan?

Accepted Answer

It must come from a licensed CPA. A self-prepared P&L will not be accepted by any legitimate lender.

Question 3

How many months of bank statements do lenders want?

Accepted Answer

Most lenders require 12 months minimum. 24 months gives you a stronger, more averaged income calculation.

Question 4

Which loan has better rates — bank statement or P&L?

Accepted Answer

Rates depend on credit, down payment, and lender. Rates vary by borrower profile and market conditions.

Question 5

Do these loans work for American Canyon borrowers specifically?

Accepted Answer

Yes. Both programs are available in Napa County. Loan amounts depend on your qualifying income and lender guidelines.

Question 6

What credit score do I need for either program?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger credit means better pricing on both loan types.

Bank Statement vs P&L Loans: Which Fits You in American Canyon?