Question 1

Does my CPA need to be licensed in California?

Accepted Answer

Yes. Lenders require a CPA licensed in the state where the business operates. A California-licensed CPA is required for Susanville borrowers.

Question 2

Can I use a P&L loan to buy in a rural area like Lassen County?

Accepted Answer

Yes. P&L loans have no geographic restrictions. Rural properties are eligible, though lenders may scrutinize appraisals more closely.

Question 3

How recent does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L dated within 60 days of application. Work with your CPA before you start shopping for a home.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

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

Question 5

What if my business shows low profit due to deductions?

Accepted Answer

That's the core problem. The P&L reports net profit after expenses. Heavy write-offs reduce qualifying income — talk to your CPA first.

Question 6

Can I refinance a Susanville home using a P&L loan?

Accepted Answer

Yes. P&L loans work for purchases and refinances. Non-QM lenders allow cash-out refinances on this program as well.

P&L Statement Loans for Susanville's Self-Employed