Question 1

Can I qualify with a newer business?

Accepted Answer

Most lenders want at least 2 years of self-employment history. Some P&L programs allow 1 year with strong compensating factors.

Question 2

Which loan has a lower minimum credit score?

Accepted Answer

Requirements vary by lender. Many bank statement and P&L programs start around 620 to 640 minimum. Rates vary by borrower profile.

Question 3

Do I need a CPA for a bank statement loan?

Accepted Answer

Not always. A CPA letter may be required to confirm self-employment, but your statements do the income heavy lifting.

Question 4

How much down payment do these loans require?

Accepted Answer

Most non-QM lenders require 10% to 20% down. Exact requirements depend on the lender and your credit profile.

Question 5

Can I use both documents together?

Accepted Answer

Some lenders allow bank statements plus a P&L to strengthen your file. Ask us which lenders in our network allow this.

Question 6

Are these loans available for investment properties in Ventura County?

Accepted Answer

Yes. Both loan types can be used for primary homes or investment properties. Rates and reserve requirements will differ.

Bank Statement vs P&L Loans in San Buenaventura