Question 1

Can I use personal bank statements instead of business ones?

Accepted Answer

Yes, most lenders accept personal bank statements. Business accounts often get a higher expense factor applied, which lowers your qualifying income.

Question 2

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

Accepted Answer

Yes. Lenders require a CPA or licensed tax professional to prepare and sign the P&L. A self-prepared statement won't be accepted.

Question 3

Which loan type has lower rates?

Accepted Answer

Neither is consistently cheaper. Rates vary by borrower profile and market conditions. We compare both options across lenders to find your best fit.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some programs require 24 months for better pricing or higher loan amounts.

Question 5

Can I qualify with just one of these if I have bad credit?

Accepted Answer

Both loan types are more flexible on income, but credit score still matters. Most non-QM lenders want at least a 620, sometimes higher for better terms.

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

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