Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, most lenders accept personal or business statements. Business statements often require an expense factor reduction to income.

Question 2

Who qualifies as a CPA for a P&L loan?

Accepted Answer

It must be a licensed CPA or enrolled agent. A bookkeeper or unlicensed accountant won't satisfy lender requirements.

Question 3

Which loan has better interest rates?

Accepted Answer

Bank statement loans typically have more lender competition, which can mean better pricing. Rates vary by borrower profile and market conditions.

Question 4

How recent do my bank statements need to be?

Accepted Answer

Most lenders want the most recent 12 or 24 consecutive months. Gaps in statements can slow down underwriting.

Question 5

Can I switch from one program to the other mid-process?

Accepted Answer

You can, but it resets parts of underwriting. It's better to choose the right program upfront — that's what we help with.

Question 6

Do both loans work for purchase and refinance?

Accepted Answer

Yes. Both bank statement and P&L loans are available for purchases and refinances on primary, second, and investment properties.

Bank Statement vs P&L Loans in Soledad, CA