Question 1

Who prepares the P&L statement?

Accepted Answer

Your CPA or licensed tax professional must prepare and sign it. A bookkeeper or self-prepared statement won't be accepted.

Question 2

Can I use a P&L if my tax returns show a loss?

Accepted Answer

Possibly. The P&L reflects current business income, not prior tax filings. Each lender sets its own rules on this.

Question 3

How recent does the P&L need to be?

Accepted Answer

Most lenders require a P&L dated within 60 days of application. Get it updated before you start shopping.

Question 4

Do P&L loans work for farming businesses in Holtville?

Accepted Answer

Yes. Ag business income qualifies as long as your CPA can document it clearly. Seasonal income patterns are evaluated by the lender.

Question 5

What down payment do P&L loans require?

Accepted Answer

Expect 10-20% down. Borrowers with stronger credit or larger reserves may find options at the lower end of that range.

Question 6

Are P&L loan rates higher than conventional rates?

Accepted Answer

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

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