Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Self-prepared P&Ls are not accepted by non-QM lenders.

Question 2

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

Accepted Answer

Yes. Non-QM loan limits can go high enough for most Orange County purchases. Jumbo P&L options exist too.

Question 3

Do P&L loans have higher rates than conventional?

Accepted Answer

Yes, typically. Non-QM pricing runs higher than conventional. Rates vary by borrower profile and market conditions.

Question 4

How recent does the P&L need to be?

Accepted Answer

Most lenders want a P&L dated within 60 days of application. Your CPA should be ready to move fast.

Question 5

Can I use a P&L loan to refinance an existing home?

Accepted Answer

Yes. Cash-out and rate-term refinances are both available under P&L programs through non-QM lenders.

Question 6

What if my P&L shows a net loss?

Accepted Answer

A net loss won't qualify you. The P&L must show consistent positive income to meet lender requirements.

P&L Loans for Self-Employed Buyers in Aliso Viejo