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Chowchilla sits in Madera County's agricultural core. Many local business owners, contractors, and farm operators run profitable operations that don't show well on a tax return.
P&L loans exist for exactly this situation. A CPA prepares a profit and loss statement, and lenders use that to verify income instead of W-2s or tax returns.
680+
Min Credit Score
From 10%
Down Payment
12 or 24 months
P&L Period
Non-QM
Loan Type
Profit & Loss Statement Loans in Chowchilla
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that income figure to qualify you — not what your 1040 shows after deductions.
Most lenders require a 680+ credit score for P&L loans. Down payments typically start at 10%, though 20%+ gets you better pricing. Rates vary by borrower profile and market conditions.
Local decision guide
Use this guide to connect profit & loss statement loans eligibility, lender expectations, and local market factors before comparing payment options in Chowchilla.
Chowchilla sits in Madera County's agricultural core. Many local business owners, contractors, and farm operators run profitable operations that don't show well on a tax return.
P&L loans exist for exactly this situation. A CPA prepares a profit and loss statement, and lenders use that to verify income instead of W-2s or tax returns.
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that income figure to qualify you — not what your 1040 shows after deductions.
Your local bank almost certainly doesn't offer this. P&L loans are non-QM products, and most retail banks don't touch them.
We work with 200+ wholesale lenders. Several specialize in non-QM programs for self-employed borrowers. That competition drives better terms than you'd find going direct.
The biggest mistake I see: borrowers submit a P&L their bookkeeper threw together. Lenders want a CPA-signed statement — no exceptions.
A 24-month P&L shows income stability and often qualifies you for a lower rate than a 12-month statement. If your business has been profitable two years running, use that to your advantage.
Bank statement loans use 12-24 months of deposits to calculate income. P&L loans use your CPA's numbers directly. P&L qualification is simpler if your books are clean.
1099 loans work well for independent contractors. Asset depletion loans fit borrowers with large reserves and lighter income. P&L loans are strongest when your business shows consistent net profit.
Madera County has a strong base of agricultural businesses, trucking operators, and small contractors. Many file aggressive deductions and show minimal taxable income.
That's the exact borrower profile P&L loans were designed for. If your business runs through a Schedule C or S-Corp, this program is worth a serious look.
Yes. Most lenders require a California-licensed CPA to prepare and sign the P&L. An out-of-state or unlicensed preparer won't cut it.
Some lenders allow 10% down on P&L loans. Expect mortgage insurance or a rate adjustment at lower down payment levels.
Most lenders want a P&L dated within 60 days of your loan application. Your CPA needs to certify it reflects current business performance.
Yes. Non-QM loans carry a rate premium over conventional. The gap varies by lender and your credit profile. Rates vary by borrower profile and market conditions.
A weak year can reduce your qualifying income significantly. A 24-month average smooths that out — one strong year plus one slow year may still work.