Question 1

Can I qualify with just one of these, not both?

Accepted Answer

Yes. You only need to qualify under one program. We'll review your situation and recommend the stronger option.

Question 2

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans don't require a CPA. You just provide 12 to 24 months of statements directly.

Question 3

Which loan has lower rates — bank statement or P&L?

Accepted Answer

Bank statement loans typically price better. P&L loans carry more lender risk, which often shows up in the rate. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 640 to 660 for these non-QM programs. Stronger scores get better pricing.

Question 5

Can I use these loans to buy in Temecula specifically?

Accepted Answer

Yes. Both programs work for purchase and refinance in Temecula and throughout Riverside County.

Question 6

What if my P&L and bank statements show different income?

Accepted Answer

That's common. We pick the program where your documented income qualifies you for the loan you need.

Bank Statement vs P&L Loans in Temecula