Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. A bookkeeper or DIY statement won't pass lender review.

Question 2

Can I use just 12 months of P&L?

Accepted Answer

Yes, many lenders accept 12 months. But 24 months strengthens your file, especially with income fluctuations.

Question 3

Does my business need to be profitable every month?

Accepted Answer

No, but your average net income must support the payment. Lenders look at the full period, not each month.

Question 4

Are P&L loan rates higher than conventional?

Accepted Answer

Yes, non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 5

Can I buy in Eureka with a P&L loan?

Accepted Answer

Yes. P&L loans work for purchases and refinances in Humboldt County. Property type and LTV affect approval.

Question 6

How long do I need to be self-employed?

Accepted Answer

Most lenders require 2 years of self-employment history. Some non-QM programs allow 1 year with strong financials.

P&L Statement Loans for Self-Employed Buyers in Eureka