Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA or tax professional must prepare and sign it. Borrower-prepared statements are not accepted by lenders.

Question 2

Can I use one year of P&L instead of two?

Accepted Answer

Some lenders allow 12-month statements. You'll face stricter terms — most lenders prefer 24 months for better pricing.

Question 3

Do P&L loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM pricing runs higher than agency loans. Rates vary by borrower profile and market conditions.

Question 4

What if my P&L shows a loss in one year?

Accepted Answer

A loss year is a serious problem. Lenders need to see consistent profitability — a single down year can kill the file.

Question 5

Can I buy in Lemoore with a P&L loan on ag property?

Accepted Answer

Residential properties work fine. Mixed-use or working farm parcels require different programs — ask us before you go under contract.

P&L Loans for Self-Employed Buyers in Lemoore