Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Most lenders accept personal or business statements for bank statement loans. Mixing both accounts can complicate the income calculation.

Question 2

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

Accepted Answer

Your CPA must be licensed and sign the P&L statement. Some lenders require the CPA to certify the figures under penalty of perjury.

Question 3

Which loan closes faster?

Accepted Answer

Bank statement loans generally move faster. P&L loans require CPA preparation, which adds time depending on your accountant's availability.

Question 4

Are rates higher on P&L loans than bank statement loans?

Accepted Answer

Often yes. Fewer lenders offer P&L programs, which reduces competition. Rates vary by borrower profile and market conditions.

Question 5

Can I qualify for both loan types?

Accepted Answer

Many self-employed borrowers in RSM qualify for both. Running both scenarios is the best way to find the stronger qualification.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 credit score. Higher scores improve your rate on both bank statement and P&L programs.

Bank Statement vs P&L Loans in Rancho Santa Margarita