Question 1

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

Accepted Answer

Some lenders allow both. Using them together can strengthen your file if either alone shows weak income.

Question 2

Does my CPA need special credentials for a P&L loan?

Accepted Answer

Yes. Lenders require a licensed CPA or tax professional. A self-prepared P&L won't be accepted.

Question 3

Which loan has lower rates — bank statement or P&L?

Accepted Answer

Rates depend on your credit, down payment, and lender. Rates vary by borrower profile and market conditions.

Question 4

How many months of bank statements do lenders want?

Accepted Answer

Most lenders require 12 months minimum. Some want 24 months for a stronger income average.

Question 5

Are these loans available for Farmersville properties specifically?

Accepted Answer

Yes. Both are available across Tulare County. Property type and loan amount affect which lenders will approve.

Question 6

What credit score do I need for these non-QM loans?

Accepted Answer

Most lenders want at least a 620. Stronger credit gets you better pricing on both loan types.

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