Question 1

Does my CPA have to sign the P&L statement?

Accepted Answer

Yes. A self-prepared P&L is not accepted. The CPA must sign and provide their license number.

Question 2

Can I use a P&L loan to buy in El Cajon?

Accepted Answer

Yes. P&L loans are available for purchase and refinance in El Cajon. Loan amounts can cover most San Diego County price points.

Question 3

How much down payment do I need?

Accepted Answer

Most P&L lenders require 10-20% down. Lower down payments mean tighter guidelines and higher rates. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for a P&L loan?

Accepted Answer

Most lenders start at 680. Some go lower, but expect stricter terms below that threshold.

Question 5

How is a P&L loan different from a bank statement loan?

Accepted Answer

Bank statement loans analyze your deposits directly. P&L loans use a CPA summary of business income. Each works better for different business structures.

Question 6

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM products carry a premium over conventional. The trade-off is qualification flexibility. Rates vary by borrower profile and market conditions.

P&L Loans for Self-Employed Buyers in El Cajon