Question 1

Do I need a CPA for a Bank Statement Loan?

Accepted Answer

No. Bank Statement Loans don't require a CPA. Your statements do the work.

Question 2

How recent does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L covering the last 12 months. Your CPA prepares and signs it.

Question 3

Which loan has the lower rate in Huntington Beach?

Accepted Answer

Bank Statement Loans generally price better. P&L Loans carry slightly more risk in lenders' eyes. Rates vary by borrower profile and market conditions.

Question 4

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Some lenders accept personal statements. Business statements usually produce a higher qualifying income.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most Non-QM lenders want at least a 620. Better scores above 700 open up stronger pricing on both programs.

Question 6

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

Accepted Answer

Some lenders allow a hybrid approach. Ask us which wholesale lenders in our network support that option.

Bank Statement vs P&L Loans: Which Fits Your Huntington Beach Deal?