Question 1

Who prepares the P&L statement?

Accepted Answer

Your CPA or licensed tax professional must prepare it. A self-prepared P&L will not be accepted by lenders.

Question 2

How recent does the P&L need to be?

Accepted Answer

Most lenders require it dated within 60 days of your loan application. Plan ahead with your accountant.

Question 3

Can I use a P&L loan in Plymouth with a lower credit score?

Accepted Answer

Some non-QM lenders go below 680, but expect higher rates and stricter terms. Rates vary by borrower profile and market conditions.

Question 4

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least two years. Some accept one year with strong P&L numbers and compensating factors.

Question 5

How does this differ from a bank statement loan?

Accepted Answer

Bank statement loans use your deposit history. P&L loans use your accountant's income summary. Both skip tax returns.

Question 6

Are P&L loans harder to get approved in rural areas?

Accepted Answer

Property type matters more than location. A standard single-family home in Plymouth qualifies like anywhere else in California.

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