Question 1

Can I use both options together?

Accepted Answer

No. Lenders pick one income method per loan. We choose the approach that shows your income most favorably.

Question 2

Does my CPA need to be licensed to prepare the P&L?

Accepted Answer

Yes. Lenders require a CPA-certified P&L. A bookkeeper-prepared statement typically won't qualify.

Question 3

Which option has lower rates?

Accepted Answer

Bank statement loans often price better due to wider lender competition. Rates vary by borrower profile and market conditions.

Question 4

How recent do the bank statements need to be?

Accepted Answer

Most lenders want the most recent 12 or 24 consecutive months. Gaps in statements can trigger underwriting questions.

Question 5

Can I use these loans to buy in Port Hueneme specifically?

Accepted Answer

Yes. Both loan types are available statewide in California, including Ventura County properties.

Bank Statement vs P&L Loans in Port Hueneme