Question 1

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

Accepted Answer

Yes. Most lenders accept personal or business accounts. Business accounts often use a higher expense ratio, which can lower qualifying income.

Question 2

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

Accepted Answer

A licensed CPA must prepare it. A self-prepared statement will not satisfy lender requirements.

Question 3

Which loan has a lower minimum credit score?

Accepted Answer

Both programs vary by lender. Many non-QM lenders accept scores down to 620 or 640. We check across our lender network for your profile.

Question 4

Do both loans work for Riverbank purchase transactions?

Accepted Answer

Yes. Both are available for purchases and refinances in Stanislaus County. Loan limits and terms depend on the lender and your file.

Question 5

How long does income need to be self-employed to qualify?

Accepted Answer

Most lenders want a two-year self-employment history. Some allow one year with strong compensating factors like reserves or a large down payment.

Bank Statement vs P&L Loans in Riverbank, CA