Question 1

Can I use either loan to buy in Coronado?

Accepted Answer

Yes. Both are available for purchases and refinances in Coronado. Loan amounts can go into jumbo territory depending on the lender.

Question 2

Do both loans require a CPA?

Accepted Answer

Bank statement loans don't require a CPA. P&L loans do — a licensed CPA or tax preparer must prepare and sign the statement.

Question 3

Which loan has the lower rate?

Accepted Answer

Bank statement loans typically price better. More lenders offer them, which creates more competition. Rates vary by borrower profile and market conditions.

Question 4

How much can I put down on these loans?

Accepted Answer

Most non-QM lenders require at least 10% down. Higher loan amounts or lower credit scores usually push that to 20% or more.

Question 5

What credit score do I need?

Accepted Answer

Most lenders want at least a 620 for bank statement loans. P&L programs often require 640 or higher due to the limited lender pool.

Question 6

Can I use both documents together?

Accepted Answer

No. You qualify under one method per loan. Your broker picks whichever gets you the strongest qualifying income.

Bank Statement vs P&L Loans in Coronado