Question 1

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

Accepted Answer

Some lenders accept both documents and use whichever shows higher qualifying income. Ask us which lenders on our panel allow this.

Question 2

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

Accepted Answer

It must be prepared and signed by a licensed CPA. A self-prepared P&L will not be accepted by any lender we work with.

Question 3

How far back do bank statements need to go?

Accepted Answer

Most lenders require 12 months minimum. Some require 24 months for better pricing or higher loan amounts.

Question 4

Are rates higher on P&L loans than Bank Statement loans?

Accepted Answer

Generally yes. P&L loans carry slightly more lender risk. Rates vary by borrower profile and market conditions.

Question 5

Do either of these loans work for Napa County property prices?

Accepted Answer

Both are non-QM and not capped by conforming limits. Jumbo amounts are available on both programs.

Question 6

Which loan closes faster in Calistoga?

Accepted Answer

P&L loans often close faster when bank records are complicated. Bank Statement loans take longer to underwrite due to deposit analysis.

Bank Statement vs P&L Loans in Calistoga, CA