Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Most lenders accept personal statements. Expect a higher expense ratio applied to your deposits, which lowers qualifying income.

Question 2

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

Accepted Answer

They must be a licensed CPA. Some lenders also require the CPA to have prepared your taxes. Confirm this before starting.

Question 3

Which loan type typically has lower rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither program consistently prices better — lender overlays matter more.

Question 4

Can I qualify using both bank statements and a P&L?

Accepted Answer

Some lenders allow both. Using both can strengthen income verification. Ask your broker which lender programs permit this.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Higher scores get better pricing on both bank statement and P&L programs.

Question 6

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

Accepted Answer

Most lenders require a P&L covering the last 12 to 24 months. It must be current and signed by a licensed CPA.

Bank Statement vs P&L Loans in Los Altos Hills