Question 1

Who qualifies for a P&L loan in Loyalton?

Accepted Answer

Self-employed borrowers with at least 2 years in business and a CPA-prepared P&L. You must show the business is active and generating income.

Question 2

Does my CPA need to be local to Sierra County?

Accepted Answer

No. Any licensed CPA can prepare the statement. They just need to sign and certify it.

Question 3

How is qualifying income calculated from a P&L?

Accepted Answer

Lenders typically use net profit from the P&L, averaged over 12 or 24 months. Some lenders allow gross revenue with an expense factor applied.

Question 4

Will rural Loyalton properties affect my loan approval?

Accepted Answer

Rural location can limit which lenders participate and may reduce max LTV. Work with a broker who has non-QM lenders comfortable with Sierra County.

Question 5

Can I use a P&L loan to refinance in Loyalton?

Accepted Answer

Yes. Cash-out and rate-term refinances are available under P&L programs. Equity requirements and LTV caps still apply.

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