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Fairfax draws a disproportionate share of freelancers, consultants, and small business owners. Many earn well but look terrible on a tax return.
P&L loans were built for exactly this borrower. A CPA-prepared profit and loss statement replaces W-2s and tax returns as proof of income.
660+ typical
Min Credit Score
CPA-prepared P&L
Income Doc
10-20% min
Down Payment
12 or 24 months
P&L Period
Profit & Loss Statement Loans in Fairfax
Your CPA prepares a 12 or 24-month P&L statement. Lenders use that document to verify income — not your Schedule C.
Credit score requirements vary by lender. Most want 660 or higher. Expect a down payment of at least 10-20 percent.
Local decision guide
Use this guide to connect profit & loss statement loans eligibility, lender expectations, and local market factors before comparing payment options in Fairfax.
Fairfax draws a disproportionate share of freelancers, consultants, and small business owners. Many earn well but look terrible on a tax return.
P&L loans were built for exactly this borrower. A CPA-prepared profit and loss statement replaces W-2s and tax returns as proof of income.
Your CPA prepares a 12 or 24-month P&L statement. Lenders use that document to verify income — not your Schedule C.
Big banks don't touch these loans. P&L programs live in the non-QM wholesale market — lenders who specialize in self-employed borrowers.
Terms differ widely across lenders. Rate, max loan amount, and how they read your P&L all vary. Shopping matters here more than most loan types.
The biggest mistake I see: borrowers show up with a P&L their bookkeeper drafted. Lenders want CPA-prepared — licensed, signed, on letterhead.
Some lenders average 24 months of P&L income. Others use just 12. If your recent year is stronger, that distinction changes your qualifying amount.
Bank statement loans are the closest alternative. They use 12-24 months of deposits instead of a P&L. Better fit if your business expenses run high.
1099 loans work for independent contractors with clean 1099 income. If you have employees or overhead, the P&L route usually shows stronger qualifying income.
Fairfax sits in one of California's pricier counties. Loan amounts here often push into jumbo non-QM territory — above conventional limits.
Many Marin self-employed borrowers aggressively write off expenses. That tanks taxable income. A P&L often tells a more accurate story than a tax return.
A licensed CPA must prepare and sign it. Bookkeeper-prepared or self-prepared statements are rejected by most lenders.
Some lenders accept 12 months. Others require 24. The period used affects your qualifying income amount.
Yes. Several non-QM wholesale lenders offer P&L programs well above conventional loan limits. Rates vary by borrower profile and market conditions.
Lenders take your net profit from the P&L and divide by months covered. Some add back certain expenses.
Yes, typically. Non-QM programs carry a rate premium for flexible income documentation. Rates vary by borrower profile and market conditions.
Some lenders require at least two years in business. Others accept 12 months with a strong P&L and credit profile.