Question 1

Which loan type gets me approved for more in Brentwood?

Accepted Answer

Depends on your numbers. If your P&L net income is high, that option qualifies you for more since 100% counts. If deposits are strong but net income is low after write-offs, bank statements work better.

Question 2

Can I use business bank statements instead of personal?

Accepted Answer

Yes, most lenders accept business accounts for bank statement loans. Some borrowers even combine personal and business statements to show full income picture and maximize qualifying amount.

Question 3

How much does a CPA charge to prepare a P&L for a mortgage?

Accepted Answer

Expect $500 to $2,000 depending on your business complexity. If you already pay a CPA for bookkeeping, they can often prepare mortgage P&L statements as part of regular services.

Question 4

Do both loan types require the same down payment?

Accepted Answer

Mostly yes — both typically need 10-20% down for purchases. Your credit score and loan amount affect down payment more than which income documentation method you choose.

Question 5

Which option closes faster in Brentwood?

Accepted Answer

Bank statement loans usually close quicker since you don't wait for CPA preparation. P&L loans add 1-2 weeks if you need to have statements created from scratch.

Bank Statement vs P&L Loans: Which Self-Employed Path Works for Brentwood Buyers?