Question 1

Can I apply for both loan types at once?

Accepted Answer

You can get quoted on both. We run your scenario both ways and show you which income calculation gets you to a better rate or loan amount.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores above 680 open up better rates and lower down payment requirements.

Question 3

How long must I be self-employed to qualify?

Accepted Answer

Most lenders want two years of self-employment history. Some go down to one year with strong financials.

Question 4

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

Accepted Answer

Yes — lenders require a licensed CPA or tax professional to prepare and sign the statement. Self-prepared P&Ls are not accepted.

Question 5

Which loan type has lower rates in Victorville?

Accepted Answer

Neither is consistently cheaper. Your rate depends on credit score, down payment, and how strong your income documentation looks. Rates vary by borrower profile and market conditions.

Question 6

What down payment is required for these loans?

Accepted Answer

Expect 10% minimum for well-qualified borrowers. Many non-QM lenders require 20% or more depending on the loan amount and credit profile.

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