Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, most bank statement lenders accept personal accounts. Expect a higher expense factor applied to personal deposits.

Question 2

How current does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L covering the last 12 months. Some require it dated within 60 days of closing.

Question 3

Which loan has the lower minimum credit score?

Accepted Answer

Both vary by lender. Most non-QM lenders start around 620-640 for either program. Rates vary by borrower profile and market conditions.

Question 4

Do both loans work for purchase and refinance?

Accepted Answer

Yes. Both bank statement and P&L loans are available for purchases, rate-term refinances, and cash-out refinances.

Question 5

Can I use both methods at the same time?

Accepted Answer

Some lenders allow a combined approach. A broker can shop lenders who accept blended income documentation.

Question 6

Are these loans available for investment properties in Live Oak?

Accepted Answer

Yes. Non-QM lenders routinely approve these for investment and rental properties. Down payment requirements are typically higher.

Bank Statement vs P&L Loans in Live Oak, CA