Question 1

Can I use both personal and business bank statements?

Accepted Answer

Yes. Business accounts get a higher expense factor applied. Personal accounts are cleaner but may show less income.

Question 2

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

Accepted Answer

Most lenders require a CPA or licensed tax professional to prepare and sign the P&L. A bookkeeper typically won't qualify.

Question 3

Which loan closes faster in Roseville?

Accepted Answer

P&L loans can close faster when your CPA turns the document quickly. Bank statement loans take time to collect and review months of records.

Question 4

Are these loans available for purchase and refinance?

Accepted Answer

Yes. Both bank statement and P&L loans work for purchases and refinances in Placer County.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score. Better pricing starts around 680 or higher.

Question 6

Can I switch from one option to the other mid-process?

Accepted Answer

Yes, but it resets documentation. We identify the stronger option before you go to application.

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