Question 1

Does my CPA need to certify the P&L statement?

Accepted Answer

Yes. Lenders require a licensed CPA to prepare and sign it. Internally generated statements are not accepted.

Question 2

Can I use a P&L loan on a rural Colfax property?

Accepted Answer

Some lenders accept rural or acreage properties, but not all. We'll match you with a lender whose guidelines fit your property.

Question 3

How does the lender calculate my income from the P&L?

Accepted Answer

They use net profit from the statement. Some lenders add back depreciation and other non-cash expenses.

Question 4

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

Accepted Answer

Most P&L lenders want 680 or higher. Some go lower, but pricing gets worse quickly below that threshold.

Question 5

Is a P&L loan harder to get than a bank statement loan?

Accepted Answer

Not harder — different. P&L is simpler to document but your CPA's numbers must tell a clean income story.

Question 6

How long does a P&L loan take to close?

Accepted Answer

Typically 21-30 days with a complete file. Having your CPA-prepared statement ready upfront speeds things up significantly.

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