Question 1

Can I use a P&L I prepared myself?

Accepted Answer

No. Lenders require a licensed CPA signature. Your bookkeeper or EA doesn't qualify unless they're also a CPA.

Question 2

How far back does the P&L need to cover?

Accepted Answer

Most programs want 12-24 months. Some aggressive lenders accept 12 months if you've been in business longer than two years.

Question 3

What if my P&L shows a loss one month?

Accepted Answer

Seasonal businesses get this. Underwriters average the full period. Consistent losses across multiple months create problems.

Question 4

Do I still need to provide tax returns?

Accepted Answer

Usually yes, for background verification. But the P&L determines your qualifying income, not what you reported to the IRS.

Question 5

How long does P&L loan approval take in Adelanto?

Accepted Answer

Plan on 3-4 weeks from application to closing. CPA verification and P&L review add time compared to W-2 loans.

Question 6

Can I buy investment property with a P&L loan?

Accepted Answer

Yes, though DSCR loans often work better for rentals. P&L loans shine for primary residence and second home purchases.

P&L Statement Loans in Adelanto: Mortgage Approval Without Tax Returns