Question 1

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans don't require a CPA. P&L loans do — a licensed CPA must prepare and sign the income statement.

Question 2

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Many bank statement programs accept personal accounts. Lenders apply a different expense factor depending on which statements you use.

Question 3

Which loan has lower rates in Beaumont?

Accepted Answer

Bank statement loans typically offer more lender options, which creates more rate competition. Rates vary by borrower profile and market conditions.

Question 4

How long do I need to be self-employed to qualify?

Accepted Answer

Most non-QM lenders require at least two years of self-employment. Some go down to one year with strong compensating factors.

Question 5

Can I use a P&L loan for an investment property in Beaumont?

Accepted Answer

Yes. Both loan types can be used for investment properties. Your income documentation still needs to support the full debt load.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM programs start at 620 to 660 depending on the lender. Higher scores open up better rates and lower down payment requirements.

Bank Statement vs P&L Loans in Beaumont, CA