Question 1

Can I qualify for both loan types at once?

Accepted Answer

A broker can run both scenarios. Whichever produces the higher qualifying income is the one you use.

Question 2

Does my CPA need to be licensed for a P&L loan?

Accepted Answer

Yes. Lenders require a CPA-prepared statement. Self-prepared P&Ls are not accepted.

Question 3

How many months of bank statements do lenders want?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months for better rates. Rates vary by borrower profile and market conditions.

Question 4

Which loan has lower rates — Bank Statement or P&L?

Accepted Answer

Neither is consistently cheaper. Rates depend on credit score, down payment, and lender. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need for these loans in National City?

Accepted Answer

Most non-QM lenders start at 620 to 640. Stronger scores get better pricing on both loan types.

Question 6

Are these loans harder to get than conventional loans?

Accepted Answer

They have different requirements, not necessarily harder ones. They're built for borrowers who don't fit the W-2 mold.

Bank Statement vs P&L Loans in National City