Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Personal statements work for both loan types. Lenders apply a lower expense factor, so qualifying income is often higher.

Question 2

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

Accepted Answer

Most lenders want a P&L dated within 60 days of application. Your CPA signs and dates it — no exceptions.

Question 3

Which loan has the lower interest rate?

Accepted Answer

Bank statement loans typically price better. P&L loans carry slightly more rate risk due to thinner documentation. Rates vary by borrower profile and market conditions.

Question 4

Do both loans require a minimum credit score?

Accepted Answer

Yes. Most non-QM lenders want at least a 620 score. Better credit gets you better pricing on either program.

Question 5

Can I switch from P&L to bank statements mid-process?

Accepted Answer

Yes, and we do it often. If the P&L income comes in low, we pull statements and run the numbers before anything is submitted.

Question 6

Are both loans available in San Bernardino County?

Accepted Answer

Yes. Both are non-QM products available in Rancho Cucamonga and throughout San Bernardino County with no county-level restrictions.

Bank Statement vs P&L Loans in Rancho Cucamonga