Question 1

Can I apply for both loan types at once?

Accepted Answer

No — you pick one documentation method per application. We help you figure out which one gives you the best qualifying income before you apply.

Question 2

Does my CPA need to be licensed for a P&L Loan?

Accepted Answer

Yes. Lenders require a licensed CPA to prepare and certify the statement. An enrolled agent or bookkeeper won't satisfy most lender requirements.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24. The longer period usually produces a more reliable income average.

Question 4

Which loan type has lower rates in San Jacinto?

Accepted Answer

Bank Statement Loans typically price better because more lenders offer them. Rates vary by borrower profile and market conditions.

Question 5

Can I use personal bank statements instead of business?

Accepted Answer

Yes, for Bank Statement Loans. Lenders apply different expense ratios depending on whether you use personal or business accounts.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 for both programs. Stronger scores open better rates and higher loan amounts.

Bank Statement vs P&L Loans in San Jacinto