Question 1

Does my CPA have to prepare the P&L, or can I do it?

Accepted Answer

It must be CPA-prepared and signed. A self-made spreadsheet won't pass underwriting.

Question 2

Can I use a P&L loan to buy in San Anselmo at jumbo loan sizes?

Accepted Answer

Yes. Non-QM lenders do offer jumbo P&L loans. Expect higher reserves and stricter credit requirements.

Question 3

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

Accepted Answer

Most lenders require it dated within 60 days of your application. Plan ahead with your CPA.

Question 4

Will my tax write-offs hurt me on a P&L loan?

Accepted Answer

No. The P&L reflects gross profit before deductions. That's the entire point of this loan type.

Question 5

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

Accepted Answer

Most lenders start at 680. Better scores open up more lenders and lower rates. Rates vary by borrower profile and market conditions.

Question 6

Is a P&L loan the same as a bank statement loan?

Accepted Answer

No. Bank statements use deposit history. P&L loans use your CPA's income summary. Both are non-QM — different methods, different use cases.

P&L Statement Loans for San Anselmo's Self-Employed