Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA or tax professional must prepare it. Lenders won't accept borrower-prepared P&L statements.

Question 2

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

Accepted Answer

Some lenders accept 12 months. Others require 24. It depends on the lender and your credit profile.

Question 3

Do P&L loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry more risk for lenders. Rates are higher than conventional. Rates vary by borrower profile and market conditions.

Question 4

Can I buy in Lakeport with a P&L loan?

Accepted Answer

Yes. P&L loans work for primary residences, second homes, and investment properties depending on the lender.

Question 5

What if my P&L shows losses in one year?

Accepted Answer

That can be a problem. Lenders want consistent or growing income. A loss year may reduce qualifying income significantly.

P&L Loans for Self-Employed Buyers in Lakeport