Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Most bank statement lenders accept personal accounts. Expect lenders to apply a higher expense ratio to personal deposits.

Question 2

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Self-prepared P&L statements are not accepted by non-QM lenders.

Question 3

Which loan closes faster?

Accepted Answer

Bank statement loans typically move faster. P&L loans depend on your CPA's availability, which can add days or weeks.

Question 4

Do both loans require a minimum credit score?

Accepted Answer

Yes. Most non-QM lenders want at least a 620 score for either program. Some go lower with compensating factors.

Question 5

Can I use both documents together?

Accepted Answer

Some lenders allow bank statements plus a P&L to strengthen the file. Ask us which lenders in our network allow this.

Bank Statement vs P&L Loans for Trinidad's Self-Employed