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Highland sits in San Bernardino County, where self-employed buyers compete with W-2 borrowers every day. A P&L loan levels that playing field.
HousingWire flagged Pennymac TPO rolling out a broader non-QM suite — more wholesale options means more P&L programs available through brokers like us.
680+
Min Credit Score
CPA-Prepared P&L
Income Doc
12 or 24 Months
P&L Period
10-20% Typical
Down Payment
Non-QM
Loan Type
Your CPA prepares a 12- or 24-month P&L statement. That document replaces tax returns as your income proof.
Most lenders want a 680+ credit score and 10-20% down. Rates vary by borrower profile and market conditions.
P&L loans are non-QM — meaning most banks won't touch them. You need a wholesale broker with real non-QM lender access.
We work with 200+ wholesale lenders. Several specialize in P&L programs built specifically for self-employed borrowers.
The CPA relationship matters here. Lenders want the P&L signed and dated by a licensed CPA — not a bookkeeper.
Some lenders also pull a 3-month bank statement to cross-check the P&L. Get your accounts clean before you apply.
Bank Statement Loans use 12-24 months of deposits to calculate income. P&L loans skip that math and go straight to net profit.
If your deposits are messy or inconsistent, a P&L loan is often cleaner. If your net profit looks low on paper, bank statements may show more income.
Highland has a strong small-business base. Contractors, truckers, and trade operators often can't qualify with tax returns alone.
San Bernardino County has no special P&L restrictions. Standard non-QM guidelines apply county-wide.
A licensed CPA must prepare and sign it. Lenders won't accept statements from bookkeepers or tax preparers without a CPA license.
Yes. P&L loans work for purchases and refinances in Highland. Property type and loan amount affect which lenders will participate.
Lenders take the net profit shown on your P&L and divide by the number of months covered. That monthly figure becomes your qualifying income.
Most non-QM lenders require 680 or higher. Some programs go lower, but rates increase significantly below that threshold.
Yes. Non-QM rates run higher than conventional. The trade-off is qualifying when tax returns don't show enough income. Rates vary by borrower profile and market conditions.
Most lenders want at least two years of self-employment history. A new business rarely meets non-QM income seasoning requirements.
Profit & Loss Statement Loans in Highland