Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. Borrower-prepared or bookkeeper P&Ls are not accepted by lenders.

Question 2

Can I use a P&L loan to buy in Perris with 10% down?

Accepted Answer

Some lenders allow 10% down on P&L loans. Expect higher rates at that tier. Rates vary by borrower profile and market conditions.

Question 3

How recent does my P&L statement need to be?

Accepted Answer

Most lenders want a P&L dated within 60 days of your application. Your CPA should be ready to move quickly.

Question 4

Does a P&L loan affect my credit differently than a conventional loan?

Accepted Answer

No. It still shows on your credit report as a mortgage. The difference is in how your income gets verified, not how the loan is reported.

Question 5

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

Accepted Answer

Most P&L lenders set the floor at 680. Some go to 660 with stronger reserves or a larger down payment.

Question 6

Is a P&L loan more expensive than a bank statement loan?

Accepted Answer

Pricing is competitive between the two. The right choice depends on your business structure — your broker should compare both. Rates vary by borrower profile and market conditions.

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