Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. A bookkeeper or self-prepared statement won't be accepted.

Question 2

Can I use one year of P&L instead of two?

Accepted Answer

Some lenders accept 12 months. Others require 24. Stronger credit and larger down payments improve your options.

Question 3

Do I need to show bank statements too?

Accepted Answer

Some lenders cross-reference business bank statements with your P&L. Not all require it, but be prepared.

Question 4

How is my income calculated from the P&L?

Accepted Answer

Lenders use net income from the P&L, averaged over the statement period. Some allow expense add-backs.

Question 5

Are P&L loans available for Fort Bragg vacation rentals?

Accepted Answer

Yes, but investment properties typically require more down and carry higher rates. DSCR loans may suit rentals better.

Question 6

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

Accepted Answer

Most lenders start at 680. Higher scores open up better rates and lower down payment tiers.

P&L Loans for Self-Employed Buyers in Fort Bragg