Question 1

What is a Profit & Loss Statement Loan in Cudahy?

Accepted Answer

It's a Non-QM mortgage that uses CPA-prepared financial statements to verify income for self-employed borrowers. This replaces traditional W-2 or tax return documentation.

Question 2

How long must my P&L statement cover?

Accepted Answer

Most lenders require 12 to 24 months of business profit and loss history. Your CPA must prepare the statement and provide their license credentials.

Question 3

Can I use a P&L loan for investment property in Cudahy?

Accepted Answer

Yes, Profit & Loss Statement Loans can finance primary residences, second homes, and investment properties. Program terms vary by property type and use.

Question 4

What credit score do I need for a P&L loan?

Accepted Answer

Most programs require a minimum credit score of 620 or higher. Better credit scores typically result in more favorable terms and rates.

Question 5

How does this differ from a Bank Statement Loan?

Accepted Answer

P&L loans use CPA-prepared financial statements while Bank Statement Loans analyze deposit history. Both serve self-employed borrowers with different documentation approaches.

Profit & Loss Statement Loans in Cudahy: Financing for Self-Employed Borrowers