Question 1

Do I need a CPA for a bank statement loan?

Accepted Answer

No. Bank statement loans only need your deposit records. A CPA is required for P&L loans.

Question 2

Which loan has a lower down payment requirement?

Accepted Answer

Both programs typically require 10–20% down. Down payment minimums vary by lender and credit profile.

Question 3

Can I use both personal and business bank statements?

Accepted Answer

Yes, on bank statement loans. Lenders apply different expense factors to personal versus business accounts.

Question 4

Are P&L loans available in Chico?

Accepted Answer

Yes. As a broker with 200+ wholesale lenders, we have access to P&L programs that fund in Butte County.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620–680. Stronger credit improves your rate on both programs.

Question 6

Which loan closes faster in practice?

Accepted Answer

P&L loans can close faster if your CPA prepares the statement quickly. Bank statement loans take time to review deposit history.

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