Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Most lenders accept personal accounts. Business accounts may require an expense factor adjustment.

Question 2

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

Accepted Answer

No, but they must be licensed. Lenders often verify the CPA's credentials independently.

Question 3

Which loan has a higher minimum credit score?

Accepted Answer

Both are non-QM and vary by lender. Most require 640 to 680 minimum. Ask for a full quote on both.

Question 4

Can I put less than 20% down on either loan?

Accepted Answer

Some lenders allow 10% down on bank statement loans. P&L loans often require at least 20% down.

Question 5

How long does each loan take to close?

Accepted Answer

Bank statement loans typically take 21 to 30 days. P&L loans can close faster if your CPA is ready.

Question 6

Can I use both documents together on one loan?

Accepted Answer

Some lenders allow it. Using both can strengthen thin files, but it depends on the lender's guidelines.

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