Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Most lenders accept personal or business accounts. Personal statements skip the expense ratio adjustment.

Question 2

Who prepares the P&L statement?

Accepted Answer

A licensed CPA or tax preparer must prepare and sign it. A self-prepared P&L won't be accepted.

Question 3

Which loan has the lower credit score requirement?

Accepted Answer

Requirements vary by lender. Most non-QM lenders want at least 620 to 640 for either program.

Question 4

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

Accepted Answer

Yes, but it restarts part of the process. Flag your income situation upfront so we pick the right path first.

Question 5

Do both loans work for purchase and refinance?

Accepted Answer

Yes. Both programs are available for purchase, rate-term refinance, and cash-out in Santa Clara.

Question 6

Which option closes faster?

Accepted Answer

Bank statement loans often move faster. Waiting on a CPA to finalize a P&L can add days to your timeline.

Bank Statement vs P&L Loans in Santa Clara