Question 1

Do both loans require good credit?

Accepted Answer

Yes. Most non-QM lenders want at least a 620 score. Stronger credit gets you better terms on both products.

Question 2

Can I use personal bank statements instead of business?

Accepted Answer

Yes, on Bank Statement Loans. Personal accounts skip the expense ratio calculation, which can help your qualifying income.

Question 3

Does my CPA need any special certification for a P&L Loan?

Accepted Answer

Lenders require a licensed CPA — not a bookkeeper. The statement must be signed and dated within the last 60 days.

Question 4

Which loan closes faster in Costa Mesa?

Accepted Answer

P&L Loans often close faster. Fewer documents to review means underwriters move quicker when the CPA statement is clean.

Question 5

Can I use either loan for a rental property in Costa Mesa?

Accepted Answer

Yes. Both are non-QM and available for investment properties. Expect a larger down payment requirement on non-owner-occupied deals.

Question 6

What down payment do these loans typically require?

Accepted Answer

Most non-QM lenders require 10–20% down. Exact requirements depend on credit score, loan amount, and property type.

Bank Statement vs P&L Loans: Which Works for You in Costa Mesa?