Question 1

Do both loans require a CPA?

Accepted Answer

P&L Loans require a CPA-prepared statement. Bank Statement Loans do not — your deposits speak for themselves.

Question 2

Can I use both to qualify?

Accepted Answer

Some lenders allow a combined approach. We shop across 200+ wholesale lenders to find programs that fit your situation.

Question 3

Which loan is easier to get approved for?

Accepted Answer

It depends on your income structure. Borrowers with clean P&Ls often move faster. Strong deposit history favors the bank statement route.

Question 4

Are rates higher on P&L loans than bank statement loans?

Accepted Answer

Both carry non-QM rate premiums above conventional loans. Rates vary by borrower profile and market conditions.

Question 5

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 to 24 months. More history gives lenders confidence and can improve your terms.

Question 6

Do these loans work for Chino Hills purchase transactions?

Accepted Answer

Yes. Both programs work for purchases and refinances. Self-employed buyers use them regularly in San Bernardino County.

Bank Statement vs P&L Loans in Chino Hills