Question 1

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

Accepted Answer

Some lenders allow it as supporting documentation. Usually you pick one method as the primary income source, not both equally.

Question 2

Which loan has the lower minimum credit score?

Accepted Answer

Requirements vary by lender. Both non-QM products typically need a 620 or higher. Some lenders go lower with stronger reserves.

Question 3

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

Accepted Answer

They must be a licensed CPA. A bookkeeper or tax preparer won't satisfy most non-QM lenders on a P&L file.

Question 4

How much down payment do these loans require?

Accepted Answer

Most non-QM lenders want 10% to 20% down. Expect larger down payment requirements if your credit score is below 680.

Question 5

Are these loans available for investment properties in Jurupa Valley?

Accepted Answer

Yes. Both bank statement and P&L loans can be used for investment property purchases. Lenders typically require more down on those files.

Question 6

Which option closes faster?

Accepted Answer

P&L loans can move quicker when your CPA is responsive. Bank statement loans require gathering and reviewing months of statements, which adds time.

Bank Statement vs P&L Loans in Jurupa Valley