Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

Your CPA or licensed tax professional prepares it. Lenders won't accept a self-prepared P&L.

Question 2

Can I use this loan for agricultural property in Modoc County?

Accepted Answer

Some lenders allow it, but rural and agricultural properties require careful lender matching. Not every non-QM lender handles rural appraisals.

Question 3

How does P&L income compare to what I show on taxes?

Accepted Answer

P&L income is typically higher than taxable income. That's the point — it reflects gross profit before deductions that reduce your tax bill.

Question 4

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

Accepted Answer

Most lenders require at least 660. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 5

How is this different from a bank statement loan?

Accepted Answer

Bank statement loans use deposit history. P&L loans use a CPA-prepared income summary. Each approach suits different income patterns.

Question 6

Are P&L loans available for investment property in Alturas?

Accepted Answer

Yes, some lenders allow P&L qualification on investment properties. A DSCR loan may also be worth comparing for rental properties.

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