Question 1

Does my CPA need to sign and stamp the P&L?

Accepted Answer

Yes. Most lenders require a CPA-prepared and signed P&L. A self-prepared spreadsheet won't qualify.

Question 2

Can I use a P&L loan to buy in Larkspur without tax returns?

Accepted Answer

Yes. P&L loans are designed to replace tax return income verification. That's the entire point of the product.

Question 3

How much down do I need for a P&L loan in Marin County?

Accepted Answer

Expect 10-20% down minimum. Jumbo loan amounts in Marin often require 20% or more.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes, non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 5

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

Accepted Answer

Most non-QM lenders want 680 or higher. Scores above 720 get materially better pricing.

Question 6

Can I use a P&L loan to buy a property over $2 million in Larkspur?

Accepted Answer

Many non-QM lenders go to $3M or higher. Loan size eligibility depends on your specific file and lender.

P&L Statement Loans for Self-Employed Buyers in Larkspur