Question 1

Can I use personal bank statements instead of business accounts?

Accepted Answer

Yes, lenders accept personal statements if that's where business income flows. You'll still need 12-24 months showing consistent deposits related to your business.

Question 2

Does the CPA need a specific license for P&L loans?

Accepted Answer

Your CPA must be licensed and in good standing. Lenders verify credentials and may require the accountant to sign a certification letter with the P&L.

Question 3

Which option gets better rates in Madera?

Accepted Answer

Rates vary by borrower profile and market conditions. Both are non-QM loans priced similarly—your credit score and down payment matter more than documentation type.

Question 4

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

Accepted Answer

Yes, but it restarts underwriting. If your bank statements don't show enough income, having a CPA prepare a P&L can save the deal.

Question 5

How far back do the statements or P&L need to go?

Accepted Answer

Most lenders want 12 months minimum, 24 months preferred. Longer history strengthens your file and can improve pricing on either program.

Bank Statement Loans vs P&L Statement Loans in Madera: Which Path Works for Your Business?