Question 1

Can I use personal bank statements for a Bank Statement Loan?

Accepted Answer

Yes. Many lenders accept personal accounts. Business accounts often get a higher expense factor applied, which can lower qualifying income.

Question 2

Does my CPA need special credentials for a P&L Loan?

Accepted Answer

They must be a licensed CPA or enrolled agent. A bookkeeper's P&L typically won't satisfy lender requirements.

Question 3

Which loan has stricter credit requirements?

Accepted Answer

Requirements vary by lender, not just loan type. Most non-QM lenders want at least a 620 score for either program.

Question 4

Can I switch between the two options mid-application?

Accepted Answer

Yes, but it restarts parts of the process. It's faster to figure out which fits before you apply.

Question 5

Are these loans available for agricultural or farm businesses in Merced County?

Accepted Answer

Both programs can work for farm-based self-employment. Income documentation just needs to reflect the business accurately.

Question 6

Which loan closes faster?

Accepted Answer

P&L Loans often close faster — there's less raw data for underwriters to sort through. Bank Statement files take more review time.

Bank Statement vs P&L Loans for Dos Palos Self-Employed Buyers