Question 1

Can I apply for both loan types at once?

Accepted Answer

You can run both scenarios. We pull numbers on each and show you which gets you more qualifying income.

Question 2

Do P&L loans require a licensed CPA?

Accepted Answer

Yes. Most lenders require a CPA or licensed tax professional to prepare the statement. A self-prepared P&L won't be accepted.

Question 3

Which loan has the lower rate — Bank Statement or P&L?

Accepted Answer

Neither is consistently lower. Rates vary by lender, credit score, and down payment. Rates vary by borrower profile and market conditions.

Question 4

How much do write-offs hurt my P&L loan?

Accepted Answer

Significantly. If your CPA writes off most of your revenue, your net profit shrinks — and so does your qualifying income on a P&L loan.

Question 5

What credit score do I need for these loans in Windsor?

Accepted Answer

Most non-QM lenders want at least a 620. Better scores unlock lower rates and higher loan amounts across both programs.

Question 6

How long does it take to close a non-QM loan?

Accepted Answer

Typically 21 to 30 days if your docs are ready. P&L loans can move faster since there are fewer statements to review.

Bank Statement vs P&L Loans in Windsor, CA