Question 1

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

Accepted Answer

Some lenders allow both for cross-verification. Most non-QM programs pick one method and stick with it.

Question 2

Which loan has a lower minimum credit score?

Accepted Answer

Requirements vary by lender. Most non-QM programs for both loan types start around 620 to 640.

Question 3

Do P&L loans require a CPA or can my accountant prepare it?

Accepted Answer

Most lenders require a licensed CPA. An in-house bookkeeper or tax preparer usually won't qualify.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some require 24 months for a stronger income picture.

Question 5

Which loan closes faster in Loma Linda?

Accepted Answer

P&L loans can move faster — one document vs. stacks of statements. But CPA turnaround time is the real variable.

Question 6

Are these loans available for investment properties in Loma Linda?

Accepted Answer

Yes. Both bank statement and P&L loans can be used for primary homes and investment properties.

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