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Chino has a strong base of small business owners and self-employed professionals. Standard W-2 loans leave most of them out.
A P&L loan uses your CPA-prepared profit and loss statement to verify income. No tax returns. No pay stubs.
680+
Min Credit Score
CPA-Prepared P&L
Income Doc
10–20%
Down Payment
12 or 24 Months
P&L Period
Your CPA prepares a 12- or 24-month P&L statement. Lenders use that to calculate your qualifying income.
Most lenders want a 680+ credit score and 10-20% down. Loan amounts can go well into jumbo territory.
P&L loans are non-QM — most retail banks won't touch them. You need a broker with access to wholesale non-QM lenders.
HousingWire flagged Pennymac TPO expanding their non-QM lineup. More lenders entering this space means better pricing for borrowers.
The P&L has to be credible. Lenders scrutinize it hard. A sloppy or inconsistent statement kills deals fast.
We see CPA letters get rejected because the income doesn't match bank deposits. Your financials need to tell a consistent story.
Bank statement loans use 12-24 months of deposits. P&L loans use your CPA's numbers. Both qualify self-employed borrowers differently.
If your deposits run high but expenses do too, a P&L might show stronger income. Run both scenarios before you decide.
Chino's business community runs deep — trucking, manufacturing, retail, and trades. P&L loans fit this borrower profile well.
San Bernardino County prices have historically been lower than LA County. That helps — P&L loans often carry slightly higher rates. Rates vary by borrower profile and market conditions.
A licensed CPA must prepare and sign it. Lenders won't accept borrower-prepared statements.
Some lenders accept 12 months. Most prefer 24 months for stronger income documentation.
Lenders take your net profit from the P&L and apply their formula. Each lender calculates it differently.
Yes. Non-QM loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.
Yes. P&L loans work across San Bernardino County and throughout California.
Profit & Loss Statement Loans in Chino