Question 1

Can I use both programs together?

Accepted Answer

No — lenders pick one income method per loan file. We help you figure out which one produces a stronger qualifying income before you apply.

Question 2

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

Accepted Answer

The CPA must be licensed and sign off on the statement. Most lenders won't accept a bookkeeper or unlicensed preparer.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. 24 months gives a stronger picture and can improve your qualifying income average.

Question 4

Are these loans available for Big Bear vacation rentals?

Accepted Answer

Yes — both programs work for primary residences and second homes. Investment property eligibility varies by lender and loan structure.

Question 5

What credit score do I need for either program?

Accepted Answer

Most non-QM lenders want 660 to 680 minimum. Higher scores get better pricing on both bank statement and P&L loans.

Question 6

Which loan closes faster?

Accepted Answer

Bank statement loans often move faster. P&L loans add time waiting on CPA preparation, which can take a week or more.

Bank Statement vs P&L Loans in Big Bear Lake