Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Many lenders accept personal statements for bank statement loans. Business accounts typically require an expense ratio adjustment to calculate qualifying income.

Question 2

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

Accepted Answer

The P&L must be prepared and signed by a licensed CPA. A bookkeeper or tax preparer without a CPA license usually won't satisfy lender requirements.

Question 3

Which loan has a lower minimum credit score?

Accepted Answer

Both products are non-QM. Most lenders want at least a 620 score, though stronger profiles open better pricing on either option.

Question 4

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders require 10-20% down. Larger down payments can offset income documentation risk on both products.

Question 5

Can I use both methods together?

Accepted Answer

Some lenders allow bank statements and a P&L to support the same file. Ask your broker which lenders in their network accept combined documentation.

Question 6

Are these loans available for investment properties in Angels Camp?

Accepted Answer

Yes. Both bank statement and P&L loans can be used for investment purchases. Expect stricter reserve requirements on non-owner-occupied transactions.

Bank Statement vs P&L Loans in Angels Camp