Question 1

Can I apply for both programs at once?

Accepted Answer

We can run both scenarios side by side. Whichever shows stronger qualifying income is the one we submit.

Question 2

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans only require your actual statements. A CPA is not part of the process.

Question 3

How does a lender calculate income from bank statements?

Accepted Answer

They average your monthly deposits over 12 to 24 months. Then they apply an expense factor, typically 50% or more.

Question 4

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

Accepted Answer

It must be prepared and signed by a licensed CPA. Borrower-prepared statements are not accepted.

Question 5

Which program has better rates in Laguna Beach?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither program consistently prices lower than the other.

Question 6

What credit score do these programs require?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger scores get better pricing on both programs.

Bank Statement vs P&L Loans in Laguna Beach