Question 1

Do I need both bank statements and tax returns?

Accepted Answer

No. Bank statement loans require only statements. P&L loans require tax returns and P&L documents. You choose one path, not both. Some lenders ask for both as backup, but one is the primary.

Question 2

How far back do lenders look at bank statements?

Accepted Answer

Most lenders review 12 to 24 months of statements. They want to see consistent deposits over time. A single strong month doesn't qualify you. Lenders average your deposits across the entire period.

Question 3

Will heavy business deductions hurt my P&L loan approval?

Accepted Answer

Yes. Your qualifying income on a P&L loan is your net income after deductions. If you deducted $40,000 in expenses, your income is lower than your gross deposits. Bank statement loans avoid this because they count deposits, not net profit.

Question 4

Which program has better rates in Fontana?

Accepted Answer

Rates are identical. Both bank statement and P&L loans price the same way. Your rate depends on credit, down payment, and loan amount — not documentation type. Shop both and compare the actual offers.

Question 5

Can I get a loan above $832,750 in Fontana?

Accepted Answer

Yes, but it becomes a jumbo loan. The 2026 conforming limit is $832,750. Above that, rates and terms change. Both bank statement and P&L loans work for jumbo amounts, but pricing shifts.

Bank Statement vs. Profit & Loss Loans in Fontana