Question 1

Do both loans require a CPA?

Accepted Answer

Only the P&L loan requires a CPA. Bank statement loans use your raw deposit records without third-party sign-off.

Question 2

Can I use personal bank statements?

Accepted Answer

Yes. Most lenders accept personal or business statements. Business accounts typically use a higher expense ratio.

Question 3

Which loan closes faster?

Accepted Answer

A P&L can close faster if your CPA is available. Bank statement review takes time when lenders comb through 24 months of deposits.

Question 4

Are rates higher on P&L loans than bank statement loans?

Accepted Answer

Both are non-QM and carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders in this space want at least a 620 to 640. Stronger scores get better pricing on both products.

Question 6

Can I switch between loan types during the process?

Accepted Answer

Yes, but it restarts parts of underwriting. We identify the better fit upfront so you don't lose time mid-application.

Bank Statement vs P&L Loans for Los Banos Self-Employed Buyers