Question 1

Can I use personal bank statements for a business?

Accepted Answer

Yes, if you run revenue through personal accounts. Most sole proprietors and single-member LLCs qualify with personal bank statements showing business deposits.

Question 2

Does the CPA need to be local to Ventura County?

Accepted Answer

No, the CPA can be located anywhere. They must be licensed and independent, not a family member or business partner.

Question 3

Which option has lower rates?

Accepted Answer

Rates are similar across both programs. Your credit score, down payment, and overall borrower profile matter more than documentation type.

Question 4

Can I switch from bank statements to P&L mid-process?

Accepted Answer

Yes, but it restarts underwriting. We recommend choosing your documentation path before submitting to avoid delays.

Question 5

Do I need two years of self-employment history?

Accepted Answer

Most lenders require 12 to 24 months in the same line of work. Shorter histories may qualify with larger down payments.

Bank Statement vs P&L Loans in Camarillo: Which Documentation Path Works Best?