Question 1

Can I use personal bank statements for a bank statement loan?

Accepted Answer

Yes. Most lenders accept personal or business accounts. Personal statements often use a lower expense factor, which can raise qualifying income.

Question 2

Who prepares the P&L for a P&L statement loan?

Accepted Answer

A licensed CPA or enrolled agent must prepare and sign it. A borrower-prepared P&L will not be accepted.

Question 3

Which loan has a lower minimum credit score?

Accepted Answer

Requirements vary by lender, but most non-QM programs start around 620 to 640. Rates vary by borrower profile and market conditions.

Question 4

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

Accepted Answer

Yes, but it resets some of the documentation process. We identify the stronger program upfront to avoid that delay.

Question 5

Do both loans work for purchase and refinance in San Benito County?

Accepted Answer

Yes. Both programs are available for purchase and refinance. Loan limits and terms depend on the lender and your file.

Bank Statement vs P&L Loans in San Juan Bautista