Question 1

How recent must my P&L statement be for a Cerritos mortgage application?

Accepted Answer

Most lenders require P&L statements dated within 90 days of application. Your CPA must prepare updated financials showing current business performance throughout the loan process.

Question 2

Can I use Profit & Loss Statement Loans for investment properties in Cerritos?

Accepted Answer

Yes, many P&L Statement Loan programs cover both primary residences and investment properties. Requirements and rates vary by property type and borrower profile.

Question 3

What if my CPA is located outside California?

Accepted Answer

Out-of-state CPAs are typically acceptable if properly licensed. The key requirement is that your accountant holds valid credentials and prepares statements following standard accounting principles.

Question 4

How do P&L Statement Loans differ from Bank Statement Loans in Cerritos?

Accepted Answer

P&L loans use CPA-prepared financial statements while Bank Statement Loans analyze deposits. P&L programs may offer better terms for borrowers with clean business accounting.

Question 5

What credit score do I need for a P&L Statement Loan in Los Angeles County?

Accepted Answer

Minimum credit scores typically range from 620 to 680 depending on the lender. Higher scores generally qualify for better rates and terms. Rates vary by borrower profile.

Profit & Loss Statement Loans in Cerritos: Financing Solutions for Self-Employed Homebuyers