Loading
in Santa Clara, CA
Self-employed borrowers in Santa Clara have two strong non-QM paths. Neither requires tax returns.
Bank Statement and P&L loans both verify income differently. Choosing wrong costs you rate or approval.
Bank Statement loans use 12 to 24 months of deposits to calculate your income. Lenders average those deposits and apply an expense factor.
This works well for borrowers with strong cash flow. Your bank statements do the talking — no CPA letter needed.
P&L loans use a CPA-prepared profit and loss statement — typically covering 12 to 24 months. The CPA certifies your net income.
This option suits borrowers who run lean operations. If your deposits look messy, a clean P&L can tell a better story.
Bank Statement loans expose your actual cash flow. P&L loans let a CPA frame your income more precisely.
Rates vary by borrower profile and market conditions. P&L loans sometimes price slightly higher due to added documentation risk.
High-revenue Santa Clara tech consultants or contractors often do better with bank statements. Large, consistent deposits build a strong income picture fast.
If your revenue is irregular or expenses are high, a P&L gives your CPA room to present income clearly. Talk to us before assuming either works.
Yes. Most lenders accept personal or business accounts. Personal statements skip the expense ratio adjustment.
A licensed CPA or tax preparer must prepare and sign it. A self-prepared P&L won't be accepted.
Requirements vary by lender. Most non-QM lenders want at least 620 to 640 for either program.
Yes, but it restarts part of the process. Flag your income situation upfront so we pick the right path first.
Yes. Both programs are available for purchase, rate-term refinance, and cash-out in Santa Clara.
Bank statement loans often move faster. Waiting on a CPA to finalize a P&L can add days to your timeline.