Question 1

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

Accepted Answer

Yes, many lenders accept personal accounts. Business accounts often get a higher expense ratio applied, which can reduce qualifying income.

Question 2

Does my CPA need any special credentials for a P&L loan?

Accepted Answer

The CPA must be licensed and will typically sign and certify the statement. Lenders verify credentials — unlicensed preparers won't cut it.

Question 3

Which loan type has stricter credit requirements?

Accepted Answer

Both are non-QM loans with flexible guidelines. Most lenders want at least a 620 score, but stronger credit improves your rate on both.

Question 4

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

Accepted Answer

Yes, but it restarts parts of the underwriting process. Tell your broker upfront which income docs you have — it saves time.

Question 5

Are these loans available for investment properties in Suisun City?

Accepted Answer

Both loan types can be used for investment properties. Expect higher down payment requirements and tighter reserve requirements.

Question 6

Which option closes faster?

Accepted Answer

P&L loans often close faster since there's less documentation to gather. Bank statement loans take longer if the lender needs to source and review 24 months.

Bank Statement vs P&L Loans in Suisun City