Question 1

Does my CPA have to prepare the P&L, or can I do it myself?

Accepted Answer

It must be CPA-prepared and signed. Self-prepared statements are rejected by every wholesale lender we work with.

Question 2

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

Accepted Answer

Yes. P&L loans are available statewide in California, including Angels Camp and the surrounding Calaveras County area.

Question 3

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders require two years of self-employment history. Some will consider 12 months with strong financials.

Question 4

What's the difference between a 12-month and 24-month P&L?

Accepted Answer

A 24-month P&L gives lenders more history and often results in better terms. Use 12-month when recent income is significantly higher.

Question 5

Do P&L loans have higher rates than conventional loans?

Accepted Answer

Yes, typically. Non-QM pricing reflects higher lender risk. Rates vary by borrower profile and market conditions.

P&L Statement Loans for Self-Employed Buyers in Angels Camp