Question 1

Does my CPA need to certify the P&L?

Accepted Answer

Yes. Lenders require a CPA-prepared and signed P&L statement. Self-prepared financials are not accepted.

Question 2

Can I use a P&L loan for a jumbo purchase in Ross?

Accepted Answer

Yes. Non-QM jumbo P&L loans are available through wholesale lenders. Marin County prices make this a common need.

Question 3

How recent does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L dated within 60 days of closing. Your CPA should be ready to prepare a current statement.

Question 4

What credit score do I need to qualify?

Accepted Answer

Most P&L programs start at 680. Stronger credit gets you better rates. Rates vary by borrower profile and market conditions.

Question 5

How is qualifying income calculated from a P&L?

Accepted Answer

It depends on the lender. Some use gross income, some use net. That difference can significantly change your loan amount.

Question 6

Is a P&L loan the right fit for me?

Accepted Answer

If your tax returns show low income due to deductions, a P&L may qualify you for more. We compare programs to find the best fit.

P&L Loans for Self-Employed Buyers in Ross, CA