Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA or tax professional must prepare it. Self-prepared documents are not accepted by lenders.

Question 2

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

Accepted Answer

No. That's the point. The P&L replaces tax returns as your income verification document.

Question 3

How much can I borrow with a P&L loan in Merced County?

Accepted Answer

Loan amounts depend on your income, credit, and down payment. Non-QM lenders set their own limits outside agency caps.

Question 4

Can I use a P&L loan to buy agricultural property in Livingston?

Accepted Answer

It depends on the property type. Most non-QM lenders finance standard residential properties. Raw land or working farms need specialized programs.

Question 5

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

Accepted Answer

Most lenders want the P&L to cover the last 12 or 24 months and be dated within 60 days of application.

P&L Statement Loans for Self-Employed Buyers in Livingston