Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Many bank statement programs accept personal accounts. Lenders typically apply a higher expense factor to personal deposits than business ones.

Question 2

Does my CPA need to prepare the P&L in a specific format?

Accepted Answer

Most lenders require a signed, dated P&L from a licensed CPA. Some also require a CPA letter confirming your self-employment status.

Question 3

Which loan has the lower minimum credit score?

Accepted Answer

Both programs typically require a 620–640 minimum score. Some lenders go lower, but rates climb significantly below 660.

Question 4

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

Accepted Answer

Yes. We can pivot your file if the income picture changes. It's better to know early — switching late can delay closing.

Question 5

Are these loans available for investment properties in Yuba City?

Accepted Answer

Both programs work for investment properties. Expect a higher down payment requirement — usually 25% or more — on non-owner-occupied deals.

Question 6

How long does it take to close a bank statement or P&L loan?

Accepted Answer

Plan for 21 to 30 days. P&L loans can close faster if your CPA is responsive. Bank statement reviews add processing time.

Bank Statement vs P&L Loans: Which Fits Your Yuba City Business?