Question 1

Can I use both bank statements and a P&L together?

Accepted Answer

Some lenders allow both as supporting docs. Most programs pick one method. We'll find which approach gets you the highest qualifying income.

Question 2

Do P&L loans require a CPA or just an accountant?

Accepted Answer

Most lenders require a licensed CPA to prepare the statement. A bookkeeper or tax preparer usually won't qualify.

Question 3

Which loan has better rates — bank statement or P&L?

Accepted Answer

Both carry non-QM rate premiums over conventional loans. Rates vary by borrower profile and market conditions.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. 24 months gives lenders more data and can sometimes improve your qualifying income.

Question 5

Can I use a personal bank account instead of a business account?

Accepted Answer

Yes. Personal accounts are allowed on most bank statement programs. Business accounts may require a higher deposit expense ratio.

Question 6

Are these loans available for Irvine investment properties?

Accepted Answer

Yes. Both programs can be used for primary residences and investment properties. Terms vary by occupancy type and lender.

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