Question 1

Can I use personal bank statements?

Accepted Answer

Yes, but lenders apply a higher expense factor to personal accounts. Business accounts produce a more favorable income calculation.

Question 2

Does the P&L have to be for a full year?

Accepted Answer

Most lenders want a 12-month P&L. Some accept a year-to-date statement if the CPA certifies it.

Question 3

Which loan has a higher credit score requirement?

Accepted Answer

Both are non-QM and vary by lender. Most programs start around 640-660 credit. Rates vary by borrower profile and market conditions.

Question 4

Can I use both documents together?

Accepted Answer

Some lenders allow bank statements to support a P&L. Using both can strengthen your file, but requirements vary by lender.

Question 5

Do these loans work for vacation home purchases in Graeagle?

Accepted Answer

Yes. Both non-QM options can finance primary, second homes, and investment properties. Lender overlays apply.

Question 6

Which loan closes faster?

Accepted Answer

P&L Loans can move faster since the document package is smaller. Bank Statement Loans require gathering up to 24 months of records.

Bank Statement vs P&L Loans in Graeagle, CA