Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, most lenders accept personal accounts. Some require a letter from your CPA confirming the deposits are business income.

Question 2

Does the P&L have to be CPA-prepared?

Accepted Answer

Yes. Lenders won't accept self-prepared P&L statements. A licensed CPA must sign off on the document.

Question 3

Which loan has a lower minimum credit score?

Accepted Answer

Both are non-QM loans with flexible credit guidelines. Most lenders want at least 620, but some go lower with a larger down payment.

Question 4

How much do I need to put down?

Accepted Answer

Expect 10% to 20% down on either program. Larger down payments improve your rate and approval odds on both.

Question 5

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

Accepted Answer

Some lenders allow it. Layering both documents can strengthen your file if one source alone doesn't show enough income.

Question 6

Are these loans available for investment properties in Jackson?

Accepted Answer

Yes. Both Bank Statement and P&L Loans can be used for primary homes, second homes, and investment properties.

Bank Statement vs P&L Loans in Jackson, CA