Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Many lenders accept personal accounts. The expense factor applied is usually lower, which can increase your qualifying income.

Question 2

Does my CPA need to be licensed for a P&L loan?

Accepted Answer

Yes. Lenders require a CPA or licensed tax professional to prepare and sign the statement. A self-prepared P&L won't be accepted.

Question 3

Which loan type has lower rates?

Accepted Answer

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

Question 4

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

Accepted Answer

Some lenders allow a combined approach. It depends on the program. We can check which wholesale lenders in our network allow it.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Some P&L programs require 640 or higher. Your score also affects your rate and down payment.

Question 6

How long does it take to close a bank statement loan in Oakland?

Accepted Answer

Typically 21 to 30 days if your statements are ready and clean. P&L loans can take slightly longer if the CPA paperwork is slow.

Bank Statement vs P&L Loans: Oakland Self-Employed Guide