Question 1

Can I use both programs together?

Accepted Answer

No — lenders pick one income method per loan. We help you determine which produces the stronger qualifying income for your file.

Question 2

Does the P&L have to be CPA-prepared?

Accepted Answer

Yes. Most lenders require a licensed CPA or tax professional to prepare and sign the statement. Self-prepared P&Ls are not accepted.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some programs allow 24 months to smooth out seasonal income swings.

Question 4

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

Accepted Answer

Rates vary by lender, credit score, and LTV. Both are non-QM products. Rates vary by borrower profile and market conditions.

Question 5

Do these loans work for Buena Park multi-unit properties?

Accepted Answer

Yes. Both programs can be used for primary residences and investment properties. Loan limits and terms depend on the lender.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Better scores get better rates on both bank statement and P&L programs.

Bank Statement vs P&L Loans in Buena Park