Question 1

Does the P&L have to be prepared by a CPA?

Accepted Answer

Yes. Most lenders require a licensed CPA or tax professional to prepare it. Self-prepared statements are not accepted.

Question 2

How much income can I show on a P&L loan?

Accepted Answer

Lenders use your net profit from the statement. Aggressive write-offs reduce that number, which affects how much you qualify for.

Question 3

Can I use a P&L loan to buy in Alameda at higher price points?

Accepted Answer

Yes, but jumbo P&L loans have tighter requirements. Expect larger down payments and stronger credit at those balances.

Question 4

How long does it take to close a P&L loan?

Accepted Answer

Typically 21–35 days if your CPA delivers the statement quickly. Delays in documentation are the most common holdup.

Question 5

What credit score do I need for a P&L loan?

Accepted Answer

Most lenders start at 620. Better rates kick in around 680–700, and jumbo P&L lenders often want 720 or higher.

Question 6

Is a P&L loan better than a bank statement loan for Alameda buyers?

Accepted Answer

It depends on how your income looks across both methods. We run both scenarios — the better qualifying income wins.

P&L Statement Loans for Self-Employed Buyers in Alameda