Question 1

Can I apply for both and see which qualifies higher?

Accepted Answer

Yes. At SRK CAPITAL we can run both scenarios before you commit. Pick the one that gets you the better loan amount.

Question 2

Do these loans work for sole proprietors in Fillmore?

Accepted Answer

Both options work for sole proprietors. Your business structure matters less than the income documentation you can produce.

Question 3

Who prepares the P&L for a P&L Statement Loan?

Accepted Answer

It must be prepared by a licensed CPA or tax professional. A self-prepared P&L will not satisfy lender requirements.

Question 4

Are rates higher on P&L Loans than Bank Statement Loans?

Accepted Answer

Both are non-QM and priced above conventional loans. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 credit score. Some go lower with a larger down payment.

Question 6

How much do I need to put down in Fillmore?

Accepted Answer

Expect 10% to 20% down for either loan type. Stronger credit and income documentation can help you put less down.

Bank Statement vs P&L Loans in Fillmore, CA