Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. A bookkeeper or self-prepared statement won't be accepted by lenders.

Question 2

Do I need tax returns at all?

Accepted Answer

No. That's the point of a P&L loan. Lenders qualify you on the CPA statement, not your filed returns.

Question 3

Can a P&L loan go jumbo in Los Gatos?

Accepted Answer

Yes. Many non-QM lenders offer P&L loans well above conforming limits. Los Gatos price points make this common.

Question 4

How does my credit score affect the rate?

Accepted Answer

Significantly. Non-QM pricing is risk-based. A 740+ score gets you meaningfully better terms than a 680. Rates vary by borrower profile and market conditions.

Question 5

Can I use a P&L if I just started my business?

Accepted Answer

Most lenders want at least 2 years of self-employment history. A 12-month P&L alone usually isn't enough to qualify.

P&L Statement Loans for Self-Employed Buyers in Los Gatos