Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA or tax professional must prepare and sign it. A bookkeeper or self-prepared statement won't satisfy most lenders.

Question 2

Can I use this loan to buy in Blue Lake with high write-offs?

Accepted Answer

Yes. P&L loans focus on gross income, not taxable income. High deductions won't disqualify you the way they would on a conventional loan.

Question 3

How long does my business need to be operating?

Accepted Answer

Most lenders require 2 years of self-employment history. Some non-QM programs accept 1 year with strong P&L numbers.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM loans carry a premium over conventional rates. Rates vary by borrower profile and market conditions.

Question 5

What property types are eligible in Humboldt County?

Accepted Answer

Most P&L programs cover primary homes, second homes, and investment properties. Rural parcels may need extra lender review.

Question 6

Do I need 12 or 24 months of P&L statements?

Accepted Answer

It depends on the lender. Some accept 12 months. Others want 24. We match you to programs based on what documentation you have.

P&L Statement Loans for Self-Employed Buyers in Blue Lake