Question 1

Can I use both my business and personal bank statements?

Accepted Answer

Yes, most lenders let you combine accounts if deposits overlap. We pick the combination that shows your income best.

Question 2

Does a P&L loan require two years if I just started my business?

Accepted Answer

Some lenders accept one year if income is strong and consistent. Newer businesses under 12 months usually can't use P&L loans.

Question 3

Which option gives me a higher qualifying income?

Accepted Answer

Depends on your expense ratio versus actual business costs. We run both calculations before you pay a CPA.

Question 4

Do both loans require the same credit score?

Accepted Answer

Yes, both typically need 640 minimum. Some portfolio lenders go to 600 with larger down payments.

Question 5

Can I switch from bank statements to P&L mid-application?

Accepted Answer

You can, but it restarts underwriting and adds two weeks. Better to choose the right doc type upfront.

Bank Statement vs P&L Loans in Kerman: Which Self-Employed Income Doc Works Better?