Question 1

Who prepares the P&L statement?

Accepted Answer

Your licensed CPA or tax professional must prepare and sign it. A self-prepared P&L will not be accepted by lenders.

Question 2

Do I need 12 or 24 months of P&L?

Accepted Answer

Most lenders accept 12 months. Some require 24. Longer history typically gets you better rates and terms.

Question 3

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

Accepted Answer

Yes. P&L loans work for purchases and refinances in Placer County. Property type and loan amount affect eligibility.

Question 4

What credit score do I need?

Accepted Answer

Most P&L lenders start at 680. Some go lower with stronger compensating factors like larger down payments or more reserves.

Question 5

How is a P&L loan different from a bank statement loan?

Accepted Answer

Bank statement loans average your deposits. P&L loans use your CPA's income calculation. Results vary — we run both to see which qualifies you for more.

Question 6

Are rates higher on P&L loans than conventional?

Accepted Answer

Yes, typically. Non-QM loans carry more risk for lenders. Rates vary by borrower profile and market conditions.

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