Question 1

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

Accepted Answer

Some lenders allow both to support income. Most programs ask you to pick one method and qualify on that alone.

Question 2

Do these loans work for Ojai rental property owners?

Accepted Answer

Yes, if the borrower is self-employed. Rental income itself is typically verified separately through leases or DSCR analysis.

Question 3

How far back does the bank statement period go?

Accepted Answer

Lenders review the most recent 12 or 24 months. Older statements beyond that window don't count toward income calculation.

Question 4

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

Accepted Answer

They need an active CPA license. Some lenders also require a wet signature and CPA license number on the statement.

Question 5

Which loan has a higher minimum credit score?

Accepted Answer

Requirements vary by lender. Most non-QM programs for either option start around 620 to 640 minimum. Rates vary by borrower profile and market conditions.

Question 6

Are these loans available for Ojai purchase and refinance?

Accepted Answer

Yes. Both bank statement and P&L programs cover purchases and refinances in Ventura County.

Bank Statement vs P&L Loans: Which Fits Ojai's Self-Employed?