Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare it. Self-prepared statements are rejected by nearly every non-QM lender.

Question 2

Can I use a P&L loan to buy rural land in Ione?

Accepted Answer

Some non-QM lenders restrict acreage properties. Confirm property eligibility before you apply — not all programs work here.

Question 3

How is my income calculated on a P&L loan?

Accepted Answer

Lenders typically use net income from the P&L, sometimes with an expense ratio applied. Your CPA's numbers drive the outcome.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 5

Do I need two years of self-employment for a P&L loan?

Accepted Answer

Most lenders want 24 months of self-employment history. Some allow 12 months with strong compensating factors.

Question 6

Can I refinance an existing Ione property using a P&L loan?

Accepted Answer

Yes. P&L loans work for purchases and refinances. Cash-out refinances are available through select non-QM lenders.

P&L Statement Loans for Self-Employed Buyers in Ione, CA