Question 1

Do both loans require a CPA?

Accepted Answer

P&L loans require a CPA-prepared statement. Bank statement loans don't — you just provide your actual bank statements.

Question 2

Can I use personal bank statements?

Accepted Answer

Yes. Most bank statement lenders accept personal or business accounts. Business accounts typically apply a higher expense factor.

Question 3

Which loan has lower rates?

Accepted Answer

Bank statement loans generally price better. More documentation reduces lender risk. Rates vary by borrower profile and market conditions.

Question 4

How many months of P&L does a lender need?

Accepted Answer

Most P&L lenders want a 12 or 24-month statement prepared by a licensed CPA. A one-page summary won't cut it.

Question 5

Can I qualify in Los Alamitos with either loan?

Accepted Answer

Yes. Both programs work in Orange County. The right choice depends on your income documentation, not your location.

Question 6

What credit score do these loans require?

Accepted Answer

Non-QM lenders typically want 620 or higher. Stronger scores open more lender options on both programs.

Bank Statement vs P&L Loans in Los Alamitos