Question 1

Do I need a CPA for a bank statement loan?

Accepted Answer

No CPA is required for bank statement loans. You just need 12 to 24 months of personal or business bank statements.

Question 2

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

Accepted Answer

Some lenders allow both. But most non-QM lenders pick one income method per loan file.

Question 3

Which loan has easier credit score requirements?

Accepted Answer

Both programs have similar credit thresholds. Most non-QM lenders want at least a 620 to 640 score for either option.

Question 4

How does a lender calculate income on bank statement loans?

Accepted Answer

Lenders total your deposits then apply an expense ratio — often 50% for business accounts. That net figure becomes your qualifying income.

Question 5

What if my CPA-prepared P&L shows a loss?

Accepted Answer

A loss disqualifies you for a P&L loan. Lenders need positive net income to calculate a debt-to-income ratio.

Question 6

Are these loans available for Fairfield properties specifically?

Accepted Answer

Yes. Non-QM lenders fund in Solano County. Property type and loan amount still affect program eligibility.

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