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Victorville has a strong base of independent contractors, truckers, and small business owners. These borrowers rarely qualify with W-2s — and that's where P&L loans fill the gap.
A CPA-prepared profit and loss statement replaces traditional income docs. Lenders use it to calculate qualifying income without tax returns.
CPA-Prepared P&L
Income Doc Required
620 Typical
Min Credit Score
10-20%
Down Payment
12 or 24 Months
P&L Period
Most lenders want a 12 or 24-month P&L prepared by a licensed CPA. A one-page document your bookkeeper typed up won't cut it.
Credit minimums vary, but expect lenders to want at least a 620. Down payment requirements typically start at 10-20% depending on the lender.
P&L loans are non-QM products. Your local bank almost certainly doesn't offer them. You need a broker with wholesale non-QM lender access.
HousingWire noted Pennymac TPO expanding its non-QM wholesale suite — that kind of lender movement means more options and tighter pricing for borrowers like you.
The biggest deal-killer I see? A P&L that shows too little income after expenses. Some borrowers over-deduct on their business — that kills qualifying income.
Talk to your CPA before closing those books. The P&L needs to reflect real income, not a document engineered to minimize taxes.
Bank statement loans use 12-24 months of deposits to calculate income. P&L loans use a CPA summary instead — faster to compile, but requires an accountant.
1099 loans work if your income is well-documented on 1099 forms. If your business income is mixed or complex, the P&L route is often cleaner.
San Bernardino County's Inland Empire has a dense population of owner-operators — logistics, construction, retail, and trade businesses dominate.
Victorville specifically sits on the I-15 corridor. Trucking and transport business owners are a huge slice of the local self-employed population here.
Yes. Lenders require a licensed CPA or tax professional to prepare it. Self-prepared statements are not accepted.
Some lenders accept a 12-month P&L. Others require 24 months. It depends on the lender and your business history.
Some lenders require supporting bank statements alongside the P&L. Others accept the P&L alone. Programs vary.
Most P&L programs start at 620. Better credit scores open lower rates and more lender options. Rates vary by borrower profile and market conditions.
Lenders typically use net profit from the P&L, sometimes with add-backs for depreciation. Your CPA should understand this before drafting the statement.
Yes. Non-QM rates run higher than conventional. The tradeoff is qualifying without tax returns or W-2s. Rates vary by borrower profile and market conditions.
Profit & Loss Statement Loans in Victorville