Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Lenders won't accept self-prepared statements.

Question 2

Do I need two years of P&L statements?

Accepted Answer

Some lenders accept 12 months. Others want 24. It depends on the program and your credit profile.

Question 3

Can I use this loan to buy in Rio Dell with seasonal income?

Accepted Answer

Yes. A P&L can reflect annual business performance, which smooths out seasonal income swings.

Question 4

How does this differ from a bank statement loan?

Accepted Answer

Bank statement loans average your deposits. P&L loans use your accountant's net income figure instead.

Question 5

Are P&L loans more expensive than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 6

What credit score do I need for a P&L loan?

Accepted Answer

Most non-QM lenders start at 620. Higher scores typically unlock better pricing.

P&L Statement Loans for Self-Employed Buyers in Rio Dell