Question 1

Can I apply for both and compare?

Accepted Answer

Yes. We run your scenario through both programs before you commit. That's how we find the better qualifying income.

Question 2

Do these loans cost more than conventional?

Accepted Answer

Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 3

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. A self-prepared P&L won't be accepted by lenders.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some programs require 24 months for better pricing.

Question 5

Can I use a business bank account?

Accepted Answer

Yes, but lenders apply a higher expense ratio to business accounts. That reduces your qualifying income.

Question 6

Which loan allows a lower down payment?

Accepted Answer

It depends on the lender and your credit profile. Some P&L programs require more down. We shop both.

Bank Statement vs P&L Loans in Goleta