Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, most lenders accept personal statements. Business accounts require an expense ratio adjustment to estimate net income.

Question 2

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

Accepted Answer

Yes. Lenders require a CPA-prepared and signed P&L. A self-prepared statement won't be accepted.

Question 3

Which loan has better rates in Placentia?

Accepted Answer

Bank Statement Loans typically price better. Rates vary by borrower profile and market conditions.

Question 4

How many months of statements do I need?

Accepted Answer

Most lenders want 12 months minimum. 24 months gives you more options and often better pricing.

Question 5

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

Accepted Answer

Yes, but it restarts parts of underwriting. It's better to pick the right fit upfront with a broker who knows both.

Bank Statement vs P&L Loans in Placentia, CA