Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, most lenders accept personal statements. Business accounts often require an expense ratio applied to deposits.

Question 2

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

Accepted Answer

Yes. Lenders require a licensed, active CPA. An unlicensed bookkeeper won't cut it.

Question 3

Which loan typically closes faster?

Accepted Answer

P&L Loans often move quicker. Fewer documents to collect means less time in underwriting.

Question 4

Do both loans require a minimum credit score?

Accepted Answer

Yes. Most Non-QM lenders want at least a 620, though some go lower with higher down payments.

Question 5

Can I switch from one to the other mid-application?

Accepted Answer

Yes, but it resets parts of the underwriting process. Make the right call upfront — that's what we're here for.

Bank Statement vs P&L Loans for Ione's Self-Employed Buyers