Question 1

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans only require your deposit records. A CPA is not part of the income verification process.

Question 2

Can I use personal bank statements?

Accepted Answer

Yes, most lenders accept personal or business accounts. Business statements typically use a higher expense factor, which lowers qualifying income.

Question 3

How recent does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L covering the last 12 months. It must be prepared and signed by a licensed CPA.

Question 4

Which loan has lower rates?

Accepted Answer

Bank statement loans generally price better. P&L loans carry more lender risk, which shows up in the rate. Rates vary by borrower profile and market conditions.

Question 5

Can I qualify for both and then choose?

Accepted Answer

Yes. We can run scenarios on both programs simultaneously. That's the advantage of working with a broker who has access to 200+ wholesale lenders.

Question 6

Do these loans work for Hollister properties?

Accepted Answer

Both programs apply to properties in San Benito County. Loan limits and terms depend on your qualifying income and the specific lender.

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