Question 1

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

Accepted Answer

Most lenders require one or the other, not both. Some ask for bank statements alongside a P&L to verify cash flow matches reported profit, but you still qualify based on the P&L.

Question 2

Do I need a CPA to get a P&L statement loan?

Accepted Answer

Yes. Lenders require a licensed CPA to prepare and sign your P&L. Self-prepared or bookkeeper-prepared statements don't qualify for these programs.

Question 3

Which option gets better rates in Tustin?

Accepted Answer

Rates are similar for both — they're both non-QM products. Your credit score, down payment, and total loan amount matter more than which documentation method you use.

Question 4

How far back do my bank statements need to go?

Accepted Answer

Most programs want 12 or 24 months. Longer history (24 months) sometimes gets better terms because it shows more consistent income patterns.

Question 5

What if my bank statements show big monthly swings?

Accepted Answer

Lenders average your deposits over the full period. Big swings are fine as long as the average is strong enough to support your loan amount and debt ratios.

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