Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. A bookkeeper or self-prepared document won't be accepted by lenders.

Question 2

Can I use a P&L loan in San Benito County?

Accepted Answer

Yes. P&L loans are available statewide in California. County location doesn't restrict eligibility.

Question 3

How long does my P&L need to cover?

Accepted Answer

Most lenders require 12 or 24 months. Longer history typically strengthens your file.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM loans carry more lender risk, so rates run higher. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need?

Accepted Answer

Most P&L lenders want 680 or above. Some go lower with more down payment or stronger reserves.

Question 6

Can I use a P&L loan to buy investment property?

Accepted Answer

Some lenders allow it. A DSCR loan may be a better fit for investment properties — we can compare both options.

P&L Loans for Self-Employed Buyers in San Juan Bautista