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 will not be accepted by any P&L loan lender.

Question 2

How recent does the P&L statement 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 La Palma with 10% down?

Accepted Answer

Some lenders allow 10% down at higher credit scores. Expect mortgage insurance or rate adjustments at lower down payments.

Question 4

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

Accepted Answer

Most P&L lenders require 680 minimum. Better scores improve your rate and may reduce required down payment.

Question 5

Are P&L loans available for investment properties in Orange County?

Accepted Answer

Yes, but investor P&L loans typically require 20-25% down and stricter reserves. DSCR loans may be a better fit for rentals.

P&L Loans for Self-Employed Buyers in La Palma