Question 1

Can I use personal bank statements?

Accepted Answer

Yes, most lenders accept personal accounts. Business accounts work too. Some lenders allow both to be combined.

Question 2

Who qualifies as an acceptable CPA for a P&L loan?

Accepted Answer

The preparer must be a licensed CPA or tax professional. They sign the statement and take on liability for its accuracy.

Question 3

Which loan has higher rates?

Accepted Answer

Both are non-QM and priced above conventional rates. Rates vary by borrower profile and market conditions.

Question 4

How far back do bank statements need to go?

Accepted Answer

Most lenders require 12 months minimum. Some programs go 24 months for a stronger income average.

Question 5

Can I switch from one program to the other mid-application?

Accepted Answer

Yes, but it restarts parts of underwriting. It's cleaner to pick the right program upfront with a broker who knows both.

Question 6

Do these loans work for San Jose tech consultants?

Accepted Answer

Absolutely. Single-client contractors and 1099 workers are exactly who these programs were built for.

Bank Statement vs P&L Loans in San Jose