Question 1

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

Accepted Answer

Some lenders allow both to support your file. Using both can strengthen the income picture if one source alone looks thin.

Question 2

Does my CPA need to sign the P&L statement?

Accepted Answer

Yes. Lenders require the P&L to be prepared and signed by a licensed CPA. A self-prepared statement won't be accepted.

Question 3

Which loan has better rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Bank statement loans are more widely available, which can create more rate competition.

Question 4

How recent do my bank statements need to be?

Accepted Answer

Most lenders want the most recent 12 to 24 months. Gaps or large unexplained transfers can raise underwriting questions.

Question 5

Do these loans work for Mountain View home prices?

Accepted Answer

Both are non-QM loans with flexible loan limits. Your qualifying income, not the loan type, determines your purchase power.

Question 6

Which loan closes faster?

Accepted Answer

P&L loans can move faster since documentation is a single CPA-prepared form. Bank statement loans require lenders to analyze months of records.

Bank Statement vs P&L Loans in Mountain View