Question 1

Who qualifies for P&L statement loans in Huron?

Accepted Answer

Self-employed borrowers with 2+ years of business history, a CPA-prepared profit and loss statement, and credit scores typically above 620. Business owners, contractors, and professionals in Fresno County commonly use this program.

Question 2

How much can I borrow with a P&L statement loan?

Accepted Answer

Loan amounts depend on your qualifying income from the P&L statement, credit profile, and down payment. Many borrowers qualify for higher amounts than with tax returns since business deductions don't reduce qualifying income.

Question 3

Does my CPA need special qualifications?

Accepted Answer

Your CPA must be licensed, currently practicing, and unrelated to you or your business. They should have experience preparing financial statements for mortgage lending purposes to ensure proper formatting and documentation.

Question 4

How long does P&L loan approval take in Huron?

Accepted Answer

Approval timelines typically run 2-4 weeks depending on documentation completeness. Having your CPA-prepared P&L statement and supporting business documents ready accelerates the process significantly.

Question 5

Can I use P&L loans for investment properties?

Accepted Answer

Yes, P&L statement loans work for primary residences, second homes, and investment properties. Some borrowers combine this with DSCR loans when buying rental properties to maximize financing options.

P&L Statement Loans in Huron: Financing Options for Self-Employed Borrowers