Question 1

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

Accepted Answer

Some lenders allow both for income support. Usually one is primary. We'll identify which combination gets you the best qualifying income.

Question 2

Does my CPA need special certification for a P&L loan?

Accepted Answer

The CPA must be licensed and active. Most lenders require a signed letter confirming they prepared the statement.

Question 3

Which loan has the faster closing timeline?

Accepted Answer

Bank statement loans often move faster since you control the documents. P&L loans depend on your CPA's availability.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want a 620 minimum. Better rates start at 680 or higher for both loan types.

Question 5

Do these loans work for Rocklin rental property purchases?

Accepted Answer

Yes. Both bank statement and P&L loans can be used for investment property in Rocklin under non-QM guidelines.

Bank Statement vs P&L Loans: Which Fits Your Business?