Question 1

Can I apply for both and choose the better one?

Accepted Answer

Yes. We can run your numbers through both scenarios. The one that qualifies you for more — or at a better rate — is the one we move forward with.

Question 2

Do I need a CPA for a bank statement loan?

Accepted Answer

No CPA is required. You provide 12 to 24 months of personal or business bank statements, and the lender calculates income from your deposits.

Question 3

How recent does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L covering the last 12 to 24 months, prepared and signed by a licensed CPA. Outdated statements typically won't be accepted.

Question 4

Are these loans available for Elk Grove home purchases?

Accepted Answer

Yes. Both bank statement and P&L loans work for purchases and refinances in Elk Grove and throughout Sacramento County.

Question 5

What credit score do these loans typically require?

Accepted Answer

Most non-QM lenders want a minimum score in the 620 to 660 range. Rates vary by borrower profile and market conditions.

Question 6

Which loan closes faster?

Accepted Answer

Bank statement loans usually move quicker. P&L loans require CPA coordination, which can add days depending on your accountant's availability.

Bank Statement vs P&L Loans in Elk Grove