Question 1

Can I apply for both at the same time?

Accepted Answer

You can explore both options simultaneously. We often run both scenarios to see which qualifies you for more.

Question 2

Do P&L loans require a licensed CPA?

Accepted Answer

Most lenders require a CPA or licensed tax professional to prepare the statement. An in-house bookkeeper usually won't qualify.

Question 3

Which loan type has better rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither type has a blanket rate advantage — your credit score and LTV drive the difference.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some programs allow 12 months for stronger credit profiles, others require 24.

Question 5

Do these loans work for Laguna Hills purchase prices?

Accepted Answer

Yes. Both are non-QM programs with loan limits that can reach jumbo territory — suitable for Orange County price points.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620, but stronger scores get better rates. Requirements vary by lender and program.

Bank Statement vs P&L Loans in Laguna Hills