Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA or tax professional must prepare it. Self-prepared P&Ls are rejected by virtually every non-QM lender.

Question 2

Can I use one year of P&L in Rialto?

Accepted Answer

Some lenders accept 12 months. Most prefer 24. A shorter history usually means a higher rate or larger down payment.

Question 3

Do P&L loans cost more than conventional?

Accepted Answer

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

Question 4

What if my business is new?

Accepted Answer

Most lenders want at least 2 years of self-employment history. A startup with one year of P&L rarely qualifies.

Question 5

Can I buy in Rialto with a P&L loan and 10% down?

Accepted Answer

Some programs allow 10% down with strong credit. Expect mortgage insurance or a rate adjustment at that tier.

Question 6

How long does a P&L loan take to close?

Accepted Answer

Typically 21–30 days when your CPA doc is ready upfront. Delays almost always come from incomplete P&L packages.

P&L Statement Loans for Self-Employed Borrowers in Rialto