Question 1

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

Accepted Answer

Some lenders allow both to support your application. Usually one method is primary. We shop lenders who offer flexibility on this.

Question 2

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. A self-prepared P&L won't be accepted by any legitimate non-QM lender.

Question 3

Do these loans cost more than conventional?

Accepted Answer

Yes, non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24. Longer history generally produces a stronger income calculation.

Question 5

Can I use personal bank statements instead of business?

Accepted Answer

Yes — personal statements are accepted. Business statements often show higher deposit volume, which can qualify you for a larger loan.

Question 6

What credit score do these loans require?

Accepted Answer

Most non-QM lenders want 620 or higher. Some go down to 580 with stronger compensating factors like reserves or a larger down payment.

Bank Statement vs P&L Loans in Hesperia