Question 1

Do both loans work in Lathrop?

Accepted Answer

Yes. Both are non-QM products available in San Joaquin County. We work with lenders who actively fund both in this market.

Question 2

Can I use personal bank statements?

Accepted Answer

Yes, personal accounts are acceptable for Bank Statement Loans. Lenders typically apply a higher expense factor to personal accounts.

Question 3

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. A bookkeeper or self-prepared statement won't be accepted.

Question 4

Which loan has the lower rate?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither product is consistently cheaper — your credit score and LTV matter more.

Question 5

Can I switch loan types mid-application?

Accepted Answer

Yes. If underwriting flags your bank statements, we can pivot to a P&L. It's easier to plan this before you apply.

Bank Statement vs P&L Loans in Lathrop, CA