Question 1

Does the P&L have to be prepared by my own CPA?

Accepted Answer

Yes. Lenders require a licensed CPA signature. A bookkeeper or tax preparer typically won't meet the requirement.

Question 2

Can I use a P&L loan to buy in Gilroy with 10% down?

Accepted Answer

Some lenders allow 10% down, but 20% is more common at competitive rates. Rates vary by borrower profile and market conditions.

Question 3

How recent does the P&L statement need to be?

Accepted Answer

Most lenders want a P&L dated within 60–90 days of your application. Stale statements get flagged in underwriting.

Question 4

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

Accepted Answer

Most non-QM lenders start at 660. Scores above 700 open up better rate tiers and lower down payment options.

Question 5

Is a P&L loan available for refinancing in Gilroy?

Accepted Answer

Yes. P&L loans work for purchase and refinance. Cash-out refinances are available too, depending on equity and lender guidelines.

Question 6

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

Accepted Answer

A bank statement loan uses your actual deposit history. A P&L uses a CPA summary — less paperwork, but both serve self-employed borrowers.

P&L Statement Loans for Self-Employed Buyers in Gilroy