Question 1

Does my CPA have to prepare the P&L statement?

Accepted Answer

Yes. Lenders require a CPA or licensed tax professional to prepare it. Self-prepared statements are not accepted.

Question 2

How recent does my P&L need to be?

Accepted Answer

Most lenders want a P&L dated within 60 days of application. Your CPA needs to sign and date it.

Question 3

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

Accepted Answer

Some lenders allow 10% down on P&L loans. Expect higher rates at that LTV compared to 20% down.

Question 4

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

Accepted Answer

Most P&L lenders want 680 or above. Some go down to 660 with compensating factors like strong reserves.

Question 5

Are P&L loans more expensive than conventional loans?

Accepted Answer

Yes. Non-QM pricing runs higher than conventional. Rates vary by borrower profile and market conditions.

Question 6

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders require at least 2 years of self-employment. Some will consider 1 year with strong compensating factors.

P&L Statement Loans for Self-Employed Buyers in Apple Valley