Question 1

Can I use a personal bank account for a bank statement loan?

Accepted Answer

Yes. Many lenders accept personal accounts, especially for sole proprietors. Business accounts work too, and sometimes get a better expense factor applied.

Question 2

Who prepares the P&L for a P&L statement loan?

Accepted Answer

It must be prepared by a licensed CPA. Some lenders require it to cover the most recent 12 months. Your accountant needs to sign off on it.

Question 3

Do both loans require a minimum credit score?

Accepted Answer

Yes. Most non-QM lenders want at least a 620, though some go lower with compensating factors. Higher scores get better pricing on both products.

Question 4

Which loan closes faster?

Accepted Answer

P&L loans often move faster since there's less documentation to review. Bank statement loans take longer due to the deposit analysis required by underwriters.

Question 5

Are these loans available for investment properties in Rio Vista?

Accepted Answer

Yes. Both loan types work on primary residences and investment properties. Non-QM lenders in our network cover a wide range of property types in Solano County.

Question 6

Can I switch from one loan type to the other mid-process?

Accepted Answer

You can, but it restarts parts of underwriting. Lock in your documentation strategy early. We'll help you pick the right path before you apply.

Bank Statement vs P&L Loans in Rio Vista