Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Lenders won't accept self-prepared statements.

Question 2

Can I use a P&L if I'm newly self-employed?

Accepted Answer

Most lenders want at least 2 years of self-employment history. Less than that makes approval unlikely.

Question 3

Do I need bank statements too?

Accepted Answer

Some lenders require bank statements to support the P&L. Others accept the P&L alone. It varies by lender.

Question 4

What rates should I expect on a P&L loan?

Accepted Answer

Rates run higher than conventional loans. Rates vary by borrower profile and market conditions.

Question 5

Is a P&L loan harder to get in Merced County?

Accepted Answer

Not harder — but fewer local banks offer it. A wholesale broker gives you more options than going direct.

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