Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. Bookkeepers or self-prepared statements are not accepted by lenders.

Question 2

Do I need to show tax returns with a P&L loan?

Accepted Answer

No. That's the point. Tax returns are not required — your CPA-prepared P&L replaces them.

Question 3

What credit score do P&L loans require?

Accepted Answer

Most non-QM lenders want at least 660. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

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

Accepted Answer

A P&L loan uses a CPA summary of your income. A bank statement loan uses actual deposit history. Both skip tax returns.

Question 5

Can I use a P&L loan to buy in La Quinta's resort communities?

Accepted Answer

Yes, as long as your verified income supports the loan amount. Condo and HOA rules may add extra lender requirements.

Question 6

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

Accepted Answer

Non-QM loans typically take 21-30 days when documents are ready. Have your CPA start the P&L early to avoid delays.

P&L Statement Loans for Self-Employed Buyers in La Quinta