Question 1

Do I need a CPA for a Bank Statement Loan?

Accepted Answer

No CPA required. You provide bank statements directly. A CPA may help calculate your expense ratio, but it's not mandatory.

Question 2

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Many lenders accept personal statements. Business statements usually get a higher expense ratio applied, which can lower qualifying income.

Question 3

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

Accepted Answer

Most lenders want a P&L covering the last 12 months, prepared and signed by a licensed CPA. Check lender-specific requirements.

Question 4

Are rates higher on these loans than conventional?

Accepted Answer

Yes. Both are non-QM products. Rates are higher than conventional loans. Rates vary by borrower profile and market conditions.

Question 5

Can I use either loan to buy in Winters?

Accepted Answer

Yes, both can be used for purchase or refinance in Winters. Loan limits and terms vary by lender and your qualifying income.

Question 6

Which loan closes faster?

Accepted Answer

P&L Loans often have a shorter document list. But closing speed depends more on the lender than the loan type.

Bank Statement vs P&L Loans in Winters, CA