Question 1

Does my P&L have to be CPA-prepared?

Accepted Answer

Yes. Nearly all non-QM lenders require a licensed CPA to prepare and sign it. A bookkeeper or self-prepared statement won't qualify.

Question 2

Can I use one year of P&L statements?

Accepted Answer

Some lenders accept 12 months. Others require 24. Twelve-month programs typically come with stricter credit or down payment requirements.

Question 3

Will lenders finance property in Plumas County?

Accepted Answer

Some non-QM investors restrict rural or low-density counties. We check property eligibility upfront before you spend money on an appraisal.

Question 4

How is P&L income calculated?

Accepted Answer

Lenders average net income shown on the P&L over 12 or 24 months. They may apply an expense factor to gross revenue figures.

Question 5

How does this differ from a bank statement loan?

Accepted Answer

Bank statement loans use deposit history. P&L loans use accountant-verified income. Your CPA and cash flow pattern determine which fits better.

Question 6

Are rates higher than conventional loans?

Accepted Answer

Yes. Non-QM loans carry a rate premium over conventional. Rates vary by borrower profile and market conditions.

P&L Loans for Self-Employed Buyers in Quincy, CA