Question 1

Can I use both personal and business bank statements?

Accepted Answer

Yes. Most lenders accept either. Business accounts often require an expense ratio applied to deposits to calculate income.

Question 2

Does my CPA need to be local for a P&L loan?

Accepted Answer

No. Any licensed CPA can prepare the statement. They just need to sign and certify it for the lender.

Question 3

Which loan type has stricter credit requirements?

Accepted Answer

Both are non-QM and lender guidelines vary. Most lenders want at least a 620 score for either program. Rates vary by borrower profile and market conditions.

Question 4

How long does a P&L loan take to close?

Accepted Answer

It depends on your CPA's turnaround. Once the P&L is ready, the process is similar to a bank statement loan.

Question 5

Can I use a P&L loan if I also have bank statements available?

Accepted Answer

Yes. Some lenders let you combine both to strengthen your file. We shop this across 200+ wholesale lenders to find the best option.

Question 6

Which loan works better for a newer business in Lincoln?

Accepted Answer

Most lenders want at least two years of self-employment history for either program. A shorter track record limits your options significantly.

Bank Statement vs P&L Loans for Lincoln's Self-Employed