Question 1

Do I need a CPA for a Bank Statement Loan?

Accepted Answer

No. Bank Statement Loans use your deposit history directly. A CPA is only required for P&L Loans.

Question 2

Can I use personal bank statements instead of business?

Accepted Answer

Some lenders allow personal statements. Others require business accounts. It depends on the lender's guidelines for that loan program.

Question 3

What credit score do these loans require?

Accepted Answer

Most non-QM lenders want at least a 620 score. Some go lower, but rates climb sharply below 660.

Question 4

Which loan closes faster?

Accepted Answer

P&L Loans can close faster if your CPA moves quickly. Bank Statement Loans take longer to gather and review 12–24 months of records.

Question 5

Can I use both documents together?

Accepted Answer

Some lenders allow combined documentation. We can shop that option across our wholesale lenders if it helps your file.

Question 6

Are these loans available for rental properties in King City?

Accepted Answer

Yes. Both loan types can apply to investment properties. Expect stricter reserve and down payment requirements for non-owner-occupied deals.

Bank Statement vs P&L Loans in King City, CA