Question 1

Do both loans require a CPA?

Accepted Answer

P&L loans require a CPA-prepared statement. Bank statement loans don't — you just provide statements directly.

Question 2

Which loan has better rates?

Accepted Answer

Bank statement loans typically offer more lender options, which can mean better pricing. Rates vary by borrower profile and market conditions.

Question 3

Can I use personal bank statements?

Accepted Answer

Yes, most bank statement lenders accept personal accounts. Business accounts often allow a higher income calculation after the expense ratio.

Question 4

How many months of statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months for better pricing or higher loan amounts.

Question 5

Are these loans available in Tuolumne County?

Accepted Answer

Yes. We work with 200+ wholesale lenders, including non-QM shops that lend in rural California counties like Tuolumne.

Question 6

What credit score do these loans require?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger scores get better rates on both products.

Bank Statement vs P&L Loans for Jamestown Self-Employed Buyers