Question 1

Can I apply with both options and compare?

Accepted Answer

Yes. We run your numbers both ways before you commit. The method that qualifies you for more is the one we use.

Question 2

Does my CPA have to be licensed for a P&L loan?

Accepted Answer

Yes. Lenders require a licensed CPA to prepare and sign the statement. An unlicensed bookkeeper won't satisfy the requirement.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24. The more months you provide, the stronger your income average.

Question 4

What credit score do these loans require?

Accepted Answer

Most non-QM lenders want at least 620 to 660. Higher scores open better rates. Rates vary by borrower profile and market conditions.

Question 5

Can I use personal bank statements instead of business?

Accepted Answer

Yes, personal statements are allowed on Bank Statement loans. Lenders apply an expense factor to estimate your net business income.

Question 6

Are these loans available for rural areas like Tulelake?

Accepted Answer

Yes. Non-QM lenders nationwide accept rural California properties. Appraisal availability is the main factor to confirm early.

Bank Statement vs P&L Loans in Tulelake, CA