Question 1

Can I use a personal bank account for a bank statement loan?

Accepted Answer

Yes, most lenders accept personal or business accounts. Lenders apply an expense ratio to personal accounts, which may reduce your qualifying income.

Question 2

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

Accepted Answer

Your CPA must be licensed and sign the statement. Most lenders won't accept a P&L prepared by a bookkeeper or tax preparer.

Question 3

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

Accepted Answer

Bank statement loans typically price better. P&L loans carry more lender risk, so they usually come with a rate premium. 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 to 24 months. The longer the history, the stronger your file — especially if deposits vary month to month.

Question 5

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

Accepted Answer

Some lenders allow both to strengthen a file. Ask us — a few of our wholesale partners accept layered documentation for borderline approvals.

Question 6

Are these loans available for properties in Westminster?

Accepted Answer

Yes. Non-QM lenders actively lend in Orange County. Westminster properties qualify under both bank statement and P&L programs.

Bank Statement vs P&L Loans in Westminster, CA