Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, most lenders accept personal accounts. Business accounts may require an expense ratio adjustment to calculate qualifying income.

Question 2

Who qualifies as a licensed CPA for a P&L loan?

Accepted Answer

The CPA must hold an active license. Some lenders also accept enrolled agents. DIY P&L statements are not accepted.

Question 3

How far back do bank statements need to go?

Accepted Answer

Most lenders want 12 or 24 consecutive months. Gaps or large unexplained deposits will raise underwriting questions.

Question 4

Do both loan types require a minimum credit score?

Accepted Answer

Yes. Most lenders set a floor around 620 to 640 for these non-QM programs. Higher scores get better pricing.

Question 5

Can I switch from a P&L loan to bank statements mid-process?

Accepted Answer

You can, but it restarts parts of underwriting. Decide early which income method is stronger for your file.

Question 6

Are these loans available for properties in Glenn County?

Accepted Answer

Yes. Non-QM programs are not restricted by county. SRK CAPITAL works with 200+ wholesale lenders who lend in Willows.

Bank Statement vs P&L Loans in Willows, CA