Question 1

Can I use a personal bank account for a Bank Statement Loan?

Accepted Answer

Yes. Most lenders accept personal or business accounts. Business accounts usually get a higher expense ratio applied to deposits.

Question 2

Does my CPA need special credentials for a P&L Loan?

Accepted Answer

Yes — a licensed CPA must prepare and sign the statement. Self-prepared P&Ls are not accepted by lenders.

Question 3

Which loan type is faster to close?

Accepted Answer

P&L Loans often move faster since the doc set is smaller. Bank Statement files take longer when lenders review 24 months of deposits.

Question 4

Are rates the same on both loan types?

Accepted Answer

Not always. Rates vary by borrower profile and market conditions. P&L Loans sometimes carry a slight premium due to perceived documentation risk.

Question 5

Can I qualify for either loan in Apple Valley with an LLC?

Accepted Answer

Yes. Both programs work for sole proprietors and LLC owners. Lenders will want business docs to verify ownership percentage.

Question 6

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620 score for both options. Higher scores get better rates on either program.

Bank Statement vs P&L Loans in Apple Valley