Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA or tax professional must prepare it. Self-prepared statements are not accepted by non-QM lenders.

Question 2

Do I still need tax returns?

Accepted Answer

No tax returns are required for income qualification. That's the core advantage of this loan program for self-employed borrowers.

Question 3

What credit score do I need?

Accepted Answer

Most P&L lenders want at least 620–660. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

How much do I need to put down in Crescent City?

Accepted Answer

Expect 10–20% down depending on the lender and your credit profile. Some programs allow less with stronger qualifying factors.

Question 5

Can a new business owner qualify?

Accepted Answer

Most lenders require at least two years of self-employment history. A shorter track record makes approval significantly harder.

Question 6

How is a P&L loan different from a bank statement loan?

Accepted Answer

A P&L uses a professional income summary. A bank statement loan uses actual deposit history. Different files fit different programs.

P&L Statement Loans for Self-Employed Buyers in Crescent City