Question 1

Do I need a CPA to qualify for a P&L loan in Calexico?

Accepted Answer

Yes. Lenders require a CPA-prepared and signed P&L statement. A bookkeeper's report won't be accepted.

Question 2

Can I use one year of P&L or do I need two?

Accepted Answer

Some lenders accept 12 months. Two years gets you more lender options and usually a better rate.

Question 3

How is my income calculated from a P&L statement?

Accepted Answer

Lenders use net income shown on the P&L. Some allow add-backs for depreciation and certain expenses.

Question 4

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

Accepted Answer

Most lenders want at least 680. Higher scores open more lender options and lower rates. Rates vary by borrower profile and market conditions.

Question 5

How does a P&L loan compare to a Bank Statement Loan?

Accepted Answer

Both skip tax returns. P&L loans use your CPA's income figures. Bank Statement Loans use your actual deposits.

Question 6

Are P&L loans available for investment properties in Calexico?

Accepted Answer

Yes, though terms differ. For rental properties, a DSCR loan may be a stronger fit depending on your situation.

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