Question 1

Can I use personal bank statements instead of business statements?

Accepted Answer

Yes. Many lenders accept personal accounts. The key is showing consistent deposits that reflect your business income.

Question 2

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

Accepted Answer

The CPA must be licensed and active. Some lenders also require the P&L to cover a specific time period — usually 12 to 24 months.

Question 3

Which loan type has lower rates in Anaheim?

Accepted Answer

Bank statement loans typically price better. Rates vary by borrower profile and market conditions, so we compare both before recommending one.

Question 4

Can I qualify for both and then choose?

Accepted Answer

Yes. We can run scenarios on both programs. That's the fastest way to see which one actually qualifies you for more.

Question 5

Do these loans have higher down payment requirements than conventional loans?

Accepted Answer

Usually yes. Most non-QM lenders want at least 10% down. Some programs require 20% or more depending on your credit profile.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620. Better scores open up more programs and better pricing across both loan types.

Bank Statement vs P&L Loans: Which Works for Anaheim's Self-Employed?