Question 1

Can I use either loan to buy in Mount Shasta?

Accepted Answer

Yes. Both are available through non-QM wholesale lenders. Neither requires you to show tax returns.

Question 2

Which loan is easier to qualify for?

Accepted Answer

It depends on your financials. Strong deposits favor bank statements. Strong net profit favors a P&L.

Question 3

Do I need a CPA for a Bank Statement Loan?

Accepted Answer

No. The lender calculates income from your statements directly. A CPA is only required for the P&L route.

Question 4

How many months of bank statements do lenders want?

Accepted Answer

Most lenders want 12 to 24 months. More months generally means a more reliable income average.

Question 5

What credit score do I need for these loans?

Accepted Answer

Non-QM lenders vary, but most want at least a 620. Some go lower depending on other factors. Rates vary by borrower profile and market conditions.

Question 6

Can I use a P&L loan if I also have bank statements?

Accepted Answer

Some lenders let you use both to support your file. Your broker should run the numbers both ways before choosing.

Bank Statement vs P&L Loans in Mount Shasta