Question 1

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

Accepted Answer

Some lenders accept both together to strengthen your file. We shop across 200+ wholesale lenders to find who allows that.

Question 2

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 3

What credit score do I need?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores improve your rate significantly on both loan types.

Question 4

How much can I put down on either loan?

Accepted Answer

Most lenders require 10% minimum down. Some programs allow less with compensating factors like higher reserves.

Question 5

Does my business need to be established for a certain time?

Accepted Answer

Most lenders require at least two years of self-employment history. Some P&L programs allow one year with strong income.

Question 6

Which loan closes faster in San Diego?

Accepted Answer

P&L loans can close faster — fewer documents to review. Bank statement loans require more underwriter review time.

Bank Statement vs P&L Loans for San Diego Self-Employed Buyers