Question 1

What's the minimum credit score for P&L statement loans in San Bruno?

Accepted Answer

Most lenders require 620-640 minimum credit. Higher scores unlock better rates and lower down payment options.

Question 2

How much income can I qualify with using P&L statements?

Accepted Answer

Your CPA's net profit calculation determines qualifying income. Most lenders use 100% of the monthly average profit shown on your statements.

Question 3

Do I need to provide tax returns with P&L statement loans?

Accepted Answer

No. These loans use CPA-prepared P&L statements instead of tax returns. That's the main advantage for high-write-off business owners.

Question 4

How long does it take to close a P&L loan in San Bruno?

Accepted Answer

Expect 30-45 days with clean financials. Delays happen when P&L statements need corrections or CPA documentation is incomplete.

Question 5

Can I use P&L loans for San Bruno investment properties?

Accepted Answer

Yes. Many lenders offer P&L programs for investment properties. DSCR loans may offer better terms if the rental covers the payment.

Question 6

What down payment do I need for a P&L statement loan?

Accepted Answer

Most programs require 15-20% down for primary residences. Investment properties typically need 20-25% down minimum.

P&L Statement Loans in San Bruno: Financing for Self-Employed Borrowers