Question 1

Can I apply for both and compare?

Accepted Answer

Yes. We can run your numbers both ways before you commit. Often one method qualifies you for significantly more.

Question 2

Do these loans cost more than conventional?

Accepted Answer

Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores improve your rate on both loan types.

Question 4

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare it. Lenders will not accept a P&L you wrote yourself.

Question 5

How far back do bank statements need to go?

Accepted Answer

Most lenders require 12 months minimum. Some want 24. Longer histories help if income grew recently.

Question 6

Can I use both personal and business accounts?

Accepted Answer

Yes, on a bank statement loan. Your lender will apply an expense factor to business accounts to estimate net income.

Bank Statement vs P&L Loans in Colfax, CA