Question 1

Who prepares the P&L statement?

Accepted Answer

Your CPA or licensed tax professional must prepare it. Self-prepared statements are not accepted by P&L lenders.

Question 2

Can I use a P&L loan to buy in Seaside with 10% down?

Accepted Answer

Some lenders allow 10% down on P&L loans. Stronger credit scores and income documentation improve your options.

Question 3

How long do I need to be self-employed?

Accepted Answer

Most lenders require at least two years of self-employment. Some allow one year with strong documentation.

Question 4

Do P&L loans have higher rates than conventional loans?

Accepted Answer

Yes — non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 5

What if my P&L shows inconsistent income?

Accepted Answer

Lenders average income across the statement period. Volatile income may reduce your qualifying amount.

Question 6

Can I refinance with a P&L loan later?

Accepted Answer

Yes. If your income documentation improves, you may refinance into a conventional loan down the road.

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