Question 1

Can I use both bank statements and a P&L together?

Accepted Answer

Some lenders allow it. Combining both can strengthen your file, especially when deposits alone don't fully reflect income.

Question 2

Do I need a business license for either loan?

Accepted Answer

Most lenders require proof of self-employment — a business license or CPA letter typically satisfies that. Requirements vary by lender.

Question 3

Which loan has lower rates in Dixon?

Accepted Answer

Neither is dramatically cheaper than the other. Both are non-QM products priced above conventional. Rates vary by borrower profile and market conditions.

Question 4

How recent does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L dated within 60 days of application. Your CPA needs to sign and certify it.

Question 5

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620, though some go lower with compensating factors. Higher scores get better pricing.

Question 6

Can I buy in Dixon with a P&L or bank statement loan?

Accepted Answer

Yes. These are purchase and refinance eligible. Dixon falls within Solano County, and non-QM lenders operate statewide in California.

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