Question 1

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans use your deposit history directly. A CPA is only required for P&L statement loans.

Question 2

Can I use personal bank statements instead of business?

Accepted Answer

Some lenders accept personal statements. Business statements are preferred and often yield a higher qualifying income.

Question 3

How many months of statements do I need?

Accepted Answer

Most lenders require 12 to 24 months. Longer history generally produces a more stable income calculation.

Question 4

Are these loans available for Red Bluff properties?

Accepted Answer

Yes. Non-QM lenders operate statewide. Rural areas like Red Bluff in Tehama County are eligible.

Question 5

Are rates higher on these loans than conventional?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 6

What if my P&L shows a loss?

Accepted Answer

A net loss disqualifies you under a P&L program. You'd need to rely on bank deposits or choose a different loan type.

Bank Statement vs P&L Loans in Red Bluff