Question 1

Can I apply for both and see which qualifies me for more?

Accepted Answer

Yes. We run both scenarios regularly. Sometimes the P&L income comes in higher — sometimes bank statements win.

Question 2

Do I need a CPA for a bank statement loan?

Accepted Answer

Not necessarily. Some lenders want a CPA letter confirming you're self-employed, but the income calc comes from your deposits.

Question 3

How far back do the bank statements need to go?

Accepted Answer

Most lenders want 12 months minimum. Some programs use 24 months for a stronger income average.

Question 4

Are these loans available in Sierra County?

Accepted Answer

Yes. Non-QM lenders don't restrict by county. Loyalton buyers qualify the same as borrowers in larger California markets.

Question 5

Which loan type has lower rates?

Accepted Answer

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

Question 6

What credit score do I need for either loan?

Accepted Answer

Most Non-QM lenders want at least a 620. Better scores improve your rate on both programs.

Bank Statement vs P&L Loans in Loyalton, CA