Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. Lenders won't accept borrower-prepared statements.

Question 2

Can I use just one year of P&L?

Accepted Answer

Some lenders accept 12 months. Most prefer 24 months for stronger income documentation.

Question 3

How does P&L income get calculated?

Accepted Answer

Lenders take your net profit from the P&L and apply their formula. Each lender calculates it differently.

Question 4

Do P&L loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 5

Can I use a P&L loan to buy in Chino Hills or Ontario too?

Accepted Answer

Yes. P&L loans work across San Bernardino County and throughout California.

P&L Loans for Self-Employed Buyers in Chino, CA