Question 1

Can I use both programs together?

Accepted Answer

No. Lenders pick one income method per loan. We review your financials and recommend which gives you the stronger qualifying income.

Question 2

Does the CPA have to be licensed in California?

Accepted Answer

Most lenders require a licensed, active CPA to prepare the P&L. An unlicensed bookkeeper typically won't satisfy the requirement.

Question 3

Which program has lower rates?

Accepted Answer

Bank statement loans usually price better because more lenders offer them. Rates vary by borrower profile and market conditions.

Question 4

How recent do my bank statements need to be?

Accepted Answer

Most lenders want the most recent 12 or 24 months. Gaps or large unexplained deposits will need a letter of explanation.

Question 5

What credit score do I need for either program?

Accepted Answer

Most non-QM lenders want at least 620 to 640. Stronger scores open up better rates and lower down payment requirements.

Question 6

Are these loans available for investment properties in Cypress?

Accepted Answer

Yes. Both programs can be used for primary residences and investment properties. Expect a higher down payment on investment deals.

Bank Statement vs P&L Loans in Cypress, CA