Question 1

Can I qualify with both methods and choose the best one?

Accepted Answer

Yes. We can run both calculations to see which produces higher qualifying income. The better number wins.

Question 2

Does my CPA need special credentials for a P&L loan?

Accepted Answer

Yes. Lenders require a licensed CPA to prepare the statement. A bookkeeper or enrolled agent typically won't satisfy the requirement.

Question 3

How many months of bank statements do lenders want?

Accepted Answer

Most lenders want 12 months minimum. Twenty-four months usually produces a stronger qualification and more lender options.

Question 4

Which loan type has better rates in Shasta Lake?

Accepted Answer

Bank Statement Loans typically have more lender competition, which can push rates lower. Rates vary by borrower profile and market conditions.

Question 5

Can I use personal bank statements if I have a business account?

Accepted Answer

Yes, but lenders apply different expense factors to each. Business accounts often allow a higher income calculation.

Question 6

Do both loans require a minimum credit score?

Accepted Answer

Yes. Most non-QM lenders want at least a 620 score for either program. Higher scores open up better pricing.

Bank Statement vs P&L Loans in Shasta Lake