Question 1

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans don't require a CPA. You just provide 12 to 24 months of statements.

Question 2

Can I use both documents to qualify?

Accepted Answer

Some lenders allow it, but most programs use one method only. Ask your broker which approach gives you the higher income.

Question 3

Which loan has the lower rate?

Accepted Answer

Neither is reliably cheaper — it depends on the lender and your profile. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620. Some go lower with a larger down payment.

Question 5

How long does my business need to be open?

Accepted Answer

Bank statement loans usually require two years in business. P&L loans sometimes accept 12 months with a strong CPA letter.

Question 6

Are these loans available for Cotati properties?

Accepted Answer

Yes. Non-QM loans are available statewide in California, including Cotati and broader Sonoma County.

Bank Statement vs P&L Loans: Which Fits Your Cotati Business?