Question 1

Can I use both bank statements and a P&L together?

Accepted Answer

No. Lenders underwrite to one income method per loan. You choose bank statements or P&L, not both.

Question 2

Which option gets better rates in San Bruno?

Accepted Answer

Rates are similar — both are non-QM products priced on risk profile. Your credit score and down payment matter more than documentation type.

Question 3

Do I need 24 months of bank statements or just 12?

Accepted Answer

Most lenders accept 12 months. Some require 24 if your income is inconsistent or you're maxing out debt ratios.

Question 4

Does a P&L need to be audited by the CPA?

Accepted Answer

No audit required. The CPA must prepare and certify the statement, but a full audit adds cost without improving approval odds.

Question 5

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

Accepted Answer

Yes, but it restarts underwriting. Pick your documentation method upfront to avoid delays closing your San Bruno purchase.

Bank Statement Loans vs P&L Loans: Which Works for Self-Employed San Bruno Buyers?