Question 1

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans only need your bank records. A CPA is not required unless you choose the P&L route.

Question 2

Which loan has lower rates?

Accepted Answer

Bank statement loans usually offer more lender competition. That often means better rates. Rates vary by borrower profile and market conditions.

Question 3

Can I use both personal and business accounts?

Accepted Answer

Yes, for bank statement loans. Lenders apply different expense ratios to each. Business accounts typically get a higher expense deduction.

Question 4

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

Accepted Answer

Most lenders want a P&L covering the last 12 months, signed and dated by a licensed CPA. Older statements usually won't qualify.

Question 5

Are these loans available in Alameda County?

Accepted Answer

Yes. Both programs are available to San Leandro borrowers. Loan limits and terms depend on the lender and your borrower profile.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620 to 660 for bank statement loans. P&L programs often require 680 or higher. Requirements vary by lender.

Bank Statement vs P&L Loans for San Leandro's Self-Employed