Question 1

Can I apply for both loan types at once?

Accepted Answer

We can run your file through both scenarios before you apply. That comparison shows which loan produces better qualifying income.

Question 2

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

Accepted Answer

Most lenders require a licensed CPA or enrolled agent to prepare the statement. A bookkeeper alone typically won't satisfy the requirement.

Question 3

How many months of bank statements do lenders want?

Accepted Answer

Most lenders require 12 months minimum. Some programs allow 24 months to smooth out income fluctuations.

Question 4

Do both loans charge higher rates than conventional?

Accepted Answer

Yes — both are non-QM loans and carry higher rates than conventional or FHA. Rates vary by borrower profile and market conditions.

Question 5

Which loan closes faster in Marysville?

Accepted Answer

P&L loans can close faster when the CPA statement is ready. Bank Statement loans take longer if lenders need to review and average many months of deposits.

Question 6

What credit score do these loans require?

Accepted Answer

Requirements vary by lender. Most non-QM programs in this category start around 620 to 640 minimum.

Bank Statement vs P&L Loans: Which Fits Your Business?