Question 1

Can I apply for both loan types at once?

Accepted Answer

You can run scenarios for both. We often pull quotes on both options to see which produces better qualifying income for your situation.

Question 2

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

Accepted Answer

Yes. Lenders require a licensed CPA to prepare the P&L. A bookkeeper or tax preparer typically won't satisfy the requirement.

Question 3

Which loan has better rates — bank statement or P&L?

Accepted Answer

Both are non-QM and carry similar rate ranges. Rates vary by borrower profile and market conditions — your credit and down payment matter most.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24. Longer history usually means a more accurate income average.

Question 5

What if my business has heavy write-offs on the P&L?

Accepted Answer

Your net profit will look lower, which reduces qualifying income. Bank statement loans may work better if your deposits are strong.

Question 6

Are these loans available in Yreka and Siskiyou County?

Accepted Answer

Yes. Non-QM programs are available statewide. Property type and loan amount may affect which lenders will participate in rural areas.

Bank Statement vs P&L Loans for Yreka's Self-Employed