Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. A bookkeeper or tax preparer alone won't satisfy most lenders.

Question 2

How recent does the P&L need to be?

Accepted Answer

Most lenders want it dated within 60 days of your loan application. Outdated statements get declined.

Question 3

Can I use a P&L loan to buy in Alameda County?

Accepted Answer

Yes. Non-QM lenders have no county restrictions. Your CPA-prepared P&L works anywhere in California.

Question 4

Are P&L loan rates higher than conventional?

Accepted Answer

Yes, typically by 1-2 percentage points or more. Rates vary by borrower profile and market conditions.

Question 5

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least two years. Some accept one year with strong compensating factors.

Question 6

Can I combine a P&L with other income documentation?

Accepted Answer

Some lenders allow it. A broker can match you with lenders whose overlays allow blended income documentation.

P&L Loans for Self-Employed Buyers in Union City