Question 1

Can I use a personal bank account for a Bank Statement loan?

Accepted Answer

Yes. Many lenders accept personal accounts, though business accounts are preferred. Mixing personal and business deposits can complicate the income calculation.

Question 2

Does my CPA need to be licensed for a P&L loan?

Accepted Answer

Yes. Lenders require a licensed CPA or tax professional to prepare and sign the statement. A self-made P&L will not be accepted.

Question 3

Which loan has lower rates in Davis?

Accepted Answer

Both are non-QM products, so rates run higher than conventional. Rates vary by borrower profile and market conditions — we shop 200+ lenders to find the best fit.

Question 4

Can I use either loan for a Davis investment property?

Accepted Answer

Yes. Both programs can work for investment properties. Expect stricter reserve requirements and a larger down payment on non-owner-occupied purchases.

Question 5

How long does approval take compared to a conventional loan?

Accepted Answer

Non-QM loans can take a few days longer due to manual underwriting. Having your statements or CPA P&L ready up front cuts that time significantly.

Bank Statement vs P&L Loans for Davis Self-Employed Buyers