Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. A self-prepared P&L won't be accepted by any lender.

Question 2

Can I use a P&L if I just started my business?

Accepted Answer

Most lenders want at least 2 years of self-employment history. A 12-month P&L may work, but the business needs to be established.

Question 3

Do I need to show tax returns too?

Accepted Answer

No. That's the point of this program. The P&L replaces tax return income verification entirely.

Question 4

How does a P&L loan differ from a bank statement loan?

Accepted Answer

A P&L uses your CPA's income summary. Bank statement loans use actual deposit history. Both work — the better fit depends on your numbers.

Question 5

What credit score do I need in Rancho Cucamonga?

Accepted Answer

Most lenders start at 660. Some non-QM lenders go lower, but rates rise significantly below that threshold.

Question 6

Are P&L loan rates higher than conventional rates?

Accepted Answer

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

P&L Loans for Self-Employed Buyers in Rancho Cucamonga