Question 1

Does my CPA have to prepare the P&L, or can I do it myself?

Accepted Answer

It must be CPA-prepared and signed. A self-prepared P&L won't be accepted by any serious non-QM lender.

Question 2

How recent does my P&L need to be?

Accepted Answer

Most lenders want a P&L dated within 60 days of your loan application. Year-to-date coverage is standard.

Question 3

Can I use a P&L loan to buy in Napa County?

Accepted Answer

Yes. There's no geographic restriction. American Canyon and all of Napa County are eligible.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes, non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 5

Do I need to show business bank statements too?

Accepted Answer

Many lenders require 2–3 months of business bank statements to verify the P&L. Prepare them in advance.

Question 6

What if my business is less than 2 years old?

Accepted Answer

Most P&L lenders require at least 2 years of self-employment history. A newer business will likely disqualify you.

P&L Loans for Self-Employed Buyers in American Canyon