Question 1

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans use your actual deposits — no CPA required. P&L loans require a licensed CPA to prepare the statement.

Question 2

Which loan closes faster in Siskiyou County?

Accepted Answer

P&L loans can close faster since there's less documentation to review. Bank statement loans take longer with 12 to 24 months of statements to analyze.

Question 3

Can I use personal bank statements instead of business?

Accepted Answer

Some lenders accept personal bank statements. Most prefer business statements. The program depends on the lender — we shop options across 200+ wholesale sources.

Question 4

Which option has lower rates?

Accepted Answer

Bank statement loans typically carry lower rates than P&L loans. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 to 660 score. Requirements vary by lender and loan size.

Question 6

Can I switch from a P&L loan to a bank statement loan?

Accepted Answer

You can apply for either program before closing. Once your loan funds, you'd need to refinance to change programs.

Bank Statement vs P&L Loans for Montague's Self-Employed