Question 1

Does my CPA have to sign the P&L statement?

Accepted Answer

Yes. Lenders require a licensed CPA or tax professional to prepare and sign it. Self-prepared statements are not accepted.

Question 2

Can I use one year of P&L to qualify?

Accepted Answer

Some lenders allow it, but 24 months is stronger. A single year may limit your lender options and affect your rate.

Question 3

How is my income calculated from the P&L?

Accepted Answer

Lenders use the net profit figure on the statement. High revenue with high expenses can reduce your qualifying income significantly.

Question 4

Are P&L loans available for purchase and refinance?

Accepted Answer

Yes. Both purchase and cash-out refinance transactions are available under most non-QM P&L programs.

Question 5

How do P&L loan rates compare to conventional rates?

Accepted Answer

Non-QM rates run higher than conventional rates. The gap depends on your credit score, down payment, and lender. Rates vary by borrower profile and market conditions.

Question 6

Do Imperial County borrowers face any special restrictions?

Accepted Answer

No county-specific restrictions apply to non-QM P&L loans. Loan limits and program rules are set by the individual lender.

P&L Statement Loans for Self-Employed Buyers in Imperial, CA