Question 1

Can I use a personal bank account for a bank statement loan?

Accepted Answer

Yes. Most lenders accept personal or business accounts. Business accounts often use an expense factor to adjust the qualifying income.

Question 2

Does my CPA have to certify the P&L statement?

Accepted Answer

Yes — lenders require the P&L to be prepared and signed by a licensed CPA. Self-prepared statements are not accepted.

Question 3

Which loan has stricter credit requirements?

Accepted Answer

Both are non-QM loans with similar credit flexibility. Requirements vary by lender. Rates vary by borrower profile and market conditions.

Question 4

Can I switch from one to the other mid-application?

Accepted Answer

Yes, but it resets parts of the process. Decide early — switching costs time and can delay your closing.

Question 5

How far back do bank statements need to go?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months for stronger income averaging and better rate terms.

Question 6

Which loan closes faster in Alturas?

Accepted Answer

P&L loans can close faster if your CPA delivers quickly. Bank statement loans take longer to gather and underwrite 12–24 months of records.

Bank Statement vs P&L Loans in Alturas: Which Fits Your Business?