Question 1

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

Accepted Answer

Some lenders accept both together. It can strengthen your file if either document alone looks weak.

Question 2

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

Accepted Answer

Yes. Lenders require a licensed CPA or tax professional. A bookkeeper's statement usually won't qualify.

Question 3

Which loan has the lower credit score requirement?

Accepted Answer

Requirements vary by lender. Most non-QM programs in both categories start around 620 to 640.

Question 4

How many months of bank statements do lenders want?

Accepted Answer

Most lenders want 12 months minimum. 24 months gives you more averaging options and can show income stability.

Question 5

Are these loans available for Thousand Oaks investment properties?

Accepted Answer

Yes. Both loan types can be used for primary homes, second homes, and investment properties. Terms vary.

Question 6

Do P&L Loans cost more than Bank Statement Loans?

Accepted Answer

Often yes. P&L income is harder to verify, so lenders price in more risk. Rates vary by borrower profile and market conditions.

Bank Statement vs P&L Loans: Which Works for Thousand Oaks Self-Employed Buyers?