Question 1

Do both loans require a minimum credit score?

Accepted Answer

Yes. Most non-QM lenders set minimums around 620 to 660 for both. Higher scores get better pricing.

Question 2

Can I use personal bank statements instead of business?

Accepted Answer

Yes, on bank statement loans. Lenders apply a higher expense factor to personal accounts, which lowers qualifying income.

Question 3

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

Accepted Answer

Most lenders want a P&L covering the past 12 months, signed and dated by your CPA.

Question 4

Which loan type has lower rates?

Accepted Answer

Rates depend on your credit, down payment, and lender. Neither program consistently prices lower. Rates vary by borrower profile and market conditions.

Question 5

Are these loans available for investment properties in Mission Viejo?

Accepted Answer

Yes. Both non-QM programs can be used for primary residences and investment properties in Orange County.

Bank Statement vs P&L Loans in Mission Viejo