Question 1

Who prepares the P&L statement?

Accepted Answer

Your licensed CPA or tax professional prepares it. Lenders won't accept self-prepared statements — it must be signed by a credentialed accountant.

Question 2

Do I still need tax returns for a P&L loan?

Accepted Answer

No. That's the point of this loan type. Your CPA-prepared P&L replaces tax return income verification entirely.

Question 3

What credit score do I need in Mariposa?

Accepted Answer

Most non-QM lenders want 680 or higher for P&L loans. Some go lower with stronger compensating factors like larger down payments.

Question 4

Are P&L loan rates higher than conventional?

Accepted Answer

Yes. Non-QM loans carry a rate premium over conventional. Rates vary by borrower profile and market conditions.

Question 5

Can I use a P&L loan on a rural property?

Accepted Answer

Yes, but property condition and appraisal matter. Some non-QM lenders have rural property restrictions — we check this upfront.

Question 6

How long does a P&L loan take to close?

Accepted Answer

Typically 21-30 days once your file is complete. Missing or incorrect CPA documents are the most common cause of delays.

P&L Loans for Self-Employed Buyers in Mariposa