Question 1

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

Accepted Answer

Some lenders allow both as supporting documents. Usually one method is primary and drives the income calculation.

Question 2

Do these loans require a minimum credit score?

Accepted Answer

Most non-QM lenders want at least a 620, though requirements vary. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 3

How much can I put down on either loan?

Accepted Answer

Most lenders require 10% to 20% down on non-QM loans. Your down payment affects both rate and approval.

Question 4

Is a self-prepared P&L accepted?

Accepted Answer

No. Lenders require a CPA-prepared statement. Self-prepared P&Ls are rejected at underwriting.

Question 5

Which loan is faster to close in Chino?

Accepted Answer

P&L loans can close faster if your CPA delivers quickly. Bank statement reviews take longer but depend on your lender's pipeline.

Question 6

Which loan has more lender options right now?

Accepted Answer

Bank statement loans have wider lender availability as of March 2026. More competition means more room to shop rates.

Bank Statement vs P&L Loans for Chino's Self-Employed