Question 1

Do I need a CPA or can I prepare the P&L myself?

Accepted Answer

Lenders require a licensed CPA or tax professional to prepare and sign it. Self-prepared statements are not accepted.

Question 2

Can I use a P&L loan on a cabin or vacation property in Alpine County?

Accepted Answer

Some non-QM lenders will approve rural or seasonal properties. Not all do — property type eligibility varies by lender.

Question 3

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

Accepted Answer

Most lenders require the P&L to be dated within 60 days of your closing date. Get your CPA started early.

Question 4

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

Accepted Answer

Most non-QM lenders require 680 or higher. Some go lower with larger down payments. Rates vary by borrower profile and market conditions.

Question 5

How is qualifying income calculated from a P&L?

Accepted Answer

Lenders use net income shown on the P&L, sometimes averaged over 12 or 24 months. Each lender applies their own calculation method.

Question 6

Is a P&L loan harder to get in a rural area like Markleeville?

Accepted Answer

The income verification process is the same. The bigger challenge is finding non-QM lenders who approve Alpine County property types.

P&L Loans for Self-Employed Buyers in Markleeville