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in Fillmore, CA
Self-employed borrowers in Fillmore can't always qualify with tax returns. These two non-QM loans solve that problem differently.
Both skip traditional income docs. The right choice depends on how your income flows and what your CPA has on file.
Bank Statement Loans use 12 to 24 months of deposits to calculate your income. Lenders average your deposits and apply an expense factor.
This works well if your bank accounts show strong cash flow. High write-offs on taxes won't hurt you here.
P&L Statement Loans use a CPA-prepared profit and loss statement — typically covering 12 to 24 months. Your accountant does the heavy lifting.
This option works when your deposits are inconsistent but your business profitability is clear. The CPA's numbers tell the story.
Bank Statement Loans require you to pull and organize months of records. P&L Loans shift that burden to your accountant.
Lenders scrutinize bank statement deposits closely. One large non-recurring transfer can distort your qualifying income.
If your business deposits are consistent and large, go with Bank Statement. You'll likely qualify for a higher loan amount.
If your deposits are messy but your CPA can show solid net income, P&L is the cleaner path. Many Fillmore business owners fit this profile.
Yes. At SRK CAPITAL we can run both scenarios before you commit. Pick the one that gets you the better loan amount.
Both options work for sole proprietors. Your business structure matters less than the income documentation you can produce.
It must be prepared by a licensed CPA or tax professional. A self-prepared P&L will not satisfy lender requirements.
Both are non-QM and priced above conventional loans. Rates vary by borrower profile and market conditions.
Most non-QM lenders want at least a 620 credit score. Some go lower with a larger down payment.
Expect 10% to 20% down for either loan type. Stronger credit and income documentation can help you put less down.