Question 1

Can my bookkeeper prepare the P&L instead of a CPA?

Accepted Answer

No. Lenders require a licensed CPA signature on all P&L statements. Bookkeeper-prepared documents get rejected immediately regardless of accuracy.

Question 2

How recent must my P&L statement be?

Accepted Answer

Most lenders want P&L statements dated within 90 days of application. Older statements require updates before underwriting begins.

Question 3

Do I need perfect business bank statement deposits?

Accepted Answer

No, but deposits should reasonably match your P&L revenue. Large unexplained discrepancies will trigger additional documentation requests or denial.

Question 4

Can I use P&L loans for investment properties?

Accepted Answer

Yes. P&L loans work for both primary residence and investment property purchases when you're self-employed.

Question 5

What if my business is less than two years old?

Accepted Answer

Some lenders approve 12-month P&L history with larger down payments. Expect higher rates and stricter credit requirements for newer businesses.

P&L Statement Loans in Firebaugh: Income Verification Without Tax Returns