Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Most lenders accept personal or business statements. Personal statements usually require a higher deposit-to-income ratio calculation.

Question 2

Does my CPA have to be local for a P&L Loan?

Accepted Answer

No, but they must be licensed and verifiable. Lenders will confirm your CPA's credentials before accepting the P&L.

Question 3

Which loan type has lower rates in Buellton?

Accepted Answer

Bank Statement Loans typically price better because more lenders offer them. Rates vary by borrower profile and market conditions.

Question 4

Can I qualify with just 12 months of bank statements?

Accepted Answer

Yes. Many lenders accept 12 months. Twenty-four months often produces a stronger qualifying income picture.

Question 5

Do both programs require a minimum credit score?

Accepted Answer

Yes. Most non-QM lenders start at 620 to 640. Higher scores improve your rate on both programs.

Question 6

Which is better if my tax returns show losses?

Accepted Answer

Both programs ignore tax returns entirely. Either path works — the question is which income doc shows your actual earnings best.

Bank Statement vs P&L Loans in Buellton