Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. A borrower-prepared P&L won't be accepted by any reputable lender.

Question 2

Can I use a P&L loan for a Mountain View jumbo purchase?

Accepted Answer

Yes. Several wholesale lenders offer non-QM P&L programs at jumbo loan amounts. Expect stricter reserve requirements.

Question 3

Do I need to show tax returns at all?

Accepted Answer

No tax returns are required for a P&L loan. That's the core reason self-employed borrowers choose this program.

Question 4

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

Accepted Answer

Most lenders require a P&L dated within 60 days of application. Stale documents will delay or kill your approval.

Question 5

How does this differ from a Bank Statement Loan?

Accepted Answer

Bank statements verify income through deposits. A P&L loan uses your CPA's profit calculation instead — fewer documents, different risk profile.

Question 6

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

Accepted Answer

Most non-QM lenders want at least a 660 credit score. Higher scores unlock better rates. Rates vary by borrower profile and market conditions.

P&L Statement Loans for Mountain View's Self-Employed