Question 1

Do both loans require a CPA?

Accepted Answer

P&L loans require a CPA-prepared statement. Bank statement loans don't — you just provide your statements directly.

Question 2

Can I use personal bank statements?

Accepted Answer

Yes, most lenders accept personal or business accounts. Business accounts get a higher expense ratio applied, which lowers qualifying income.

Question 3

How many months of statements do I need?

Accepted Answer

Most bank statement programs require 12 months minimum. Some lenders ask for 24 months to get better income averaging.

Question 4

Which loan has lower rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Bank statement loans often have more lender competition, which can mean better pricing.

Question 5

Are these loans available in rural Siskiyou County?

Accepted Answer

Yes. As a broker with 200+ wholesale lenders, we access non-QM programs that cover rural California — including Fort Jones.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger credit opens more programs and better pricing on both loan types.

Bank Statement vs P&L Loans in Fort Jones, CA