Question 1

Can I use my bookkeeper instead of a CPA?

Accepted Answer

No. Lenders require a licensed CPA signature on P&L statements. Bookkeepers and enrolled agents don't meet the requirement.

Question 2

What if my business is only 18 months old?

Accepted Answer

Most lenders require two full years. A few accept shorter histories with larger down payments, typically 25-30%.

Question 3

Do lenders verify the P&L numbers?

Accepted Answer

Yes. They call your CPA directly and cross-check against bank deposits. Inflated P&Ls get caught during verification.

Question 4

Can I deduct my home office on the P&L?

Accepted Answer

Yes, but lenders add back that expense to calculate qualifying income. They want to see profit before mortgage costs.

Question 5

How much higher are P&L loan rates?

Accepted Answer

Expect 1-2% above conventional rates as of February 2026. Exact pricing depends on credit, down payment, and lender overlay policies.

P&L Statement Loans in Madera: Qualifying Without Tax Returns