Question 1

Does my CPA need special credentials to prepare the P&L?

Accepted Answer

A licensed CPA or enrolled agent typically qualifies. The lender wants a signed attestation confirming the statement is accurate.

Question 2

Can I use a P&L loan to buy a cabin or vacation property in Graeagle?

Accepted Answer

Second homes and investment properties are eligible with most P&L lenders. Expect stricter reserve requirements for non-primary residences.

Question 3

How is qualifying income calculated from a P&L?

Accepted Answer

Lenders typically use net income from the P&L, sometimes with add-backs. Each lender calculates this differently — rates vary by borrower profile and market conditions.

Question 4

What's the minimum loan amount for a P&L loan in Plumas County?

Accepted Answer

Most non-QM lenders start at $150,000-$200,000. Check with your broker on current minimums, as they shift by lender.

Question 5

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

Accepted Answer

Neither is harder — they're just different. P&L approval depends heavily on how your CPA documents income. Bank statements depend on your deposit history.

P&L Statement Loans for Graeagle's Self-Employed Buyers

P&L Statement Loans for Graeagle's Self-Employed Buyers