Question 1

Does my CPA have to prepare the P&L, or can I do it myself?

Accepted Answer

It must be CPA-prepared and signed. Self-prepared statements are rejected by every non-QM lender.

Question 2

How recent does my P&L need to be?

Accepted Answer

Most lenders require it dated within 60 days of your loan application. Have your CPA update it before you apply.

Question 3

Will my business write-offs hurt my qualifying income?

Accepted Answer

Yes. Lenders use the net income shown on the P&L. Heavy write-offs reduce that number, which can lower your loan amount.

Question 4

Can I use a P&L loan to buy in Fortuna with 10% down?

Accepted Answer

Some lenders allow 10% down on P&L loans. Expect a higher rate than a 20% down scenario. Rates vary by borrower profile and market conditions.

Question 5

Is a P&L loan harder to get than a bank statement loan?

Accepted Answer

Not necessarily harder — just different. P&L loans work best when your net profit is strong. Bank statements work better when revenue is the stronger number.

P&L Statement Loans for Fortuna's Self-Employed