Question 1

Can I apply for both loan types at once?

Accepted Answer

You can explore both options. We'll run your scenario against lenders for each type and show you where you qualify best.

Question 2

Do I need a CPA for a bank statement loan?

Accepted Answer

No CPA required. Your bank statements alone document income. A P&L loan is the one that needs CPA sign-off.

Question 3

Which loan has better rates in Milpitas?

Accepted Answer

Rates vary by borrower profile and market conditions. Bank statement loans often price slightly better than P&L loans.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores open up better pricing on both loan types.

Question 5

How long does it take to close on either loan?

Accepted Answer

Both can close in 21 to 30 days with complete docs. Delays usually come from slow CPA turnaround on P&L loans.

Question 6

Are these loans available for investment properties in Milpitas?

Accepted Answer

Yes. Both bank statement and P&L loans can be used for investment properties, not just primary residences.

Bank Statement vs P&L Loans in Milpitas