Question 1

Can I use a P&L loan if my business is less than two years old?

Accepted Answer

Yes, most lenders accept 12 months of documented business history. You'll need a CPA-prepared P&L covering that full 12-month period to qualify.

Question 2

What if my P&L shows a loss but I have strong bank deposits?

Accepted Answer

Switch to a bank statement loan instead. Those programs use deposit history rather than P&L income, so losses don't disqualify you.

Question 3

Do all CPAs know how to prepare mortgage-compliant P&L statements?

Accepted Answer

No. Many CPAs haven't done mortgage work before. We provide a template and requirements list to share with your accountant upfront.

Question 4

Can I combine P&L income with W-2 income from a spouse?

Accepted Answer

Yes. Lenders will use your P&L income plus your spouse's W-2 income to calculate total household qualifying income for the application.

Question 5

How long does underwriting take for P&L loans in Westmorland?

Accepted Answer

Expect 3-4 weeks from application to clear-to-close. Agricultural income adds 5-7 days for specialized lender review of crop schedules and revenue patterns.

P&L Statement Loans in Westmorland: Finance Property with CPA-Prepared Tax Documents