Question 1

Does the P&L have to cover a full 24 months?

Accepted Answer

Some lenders accept 12 months. A 24-month P&L is stronger and gives lenders more confidence in income stability.

Question 2

Can my bookkeeper prepare the P&L statement?

Accepted Answer

No. It must come from a licensed CPA. Lenders verify the preparer's credentials before accepting the document.

Question 3

Do P&L loans work for rural properties in Siskiyou County?

Accepted Answer

They can, but not every lender approves rural or agricultural properties. Lender selection is critical in this area.

Question 4

How do lenders calculate income from a P&L?

Accepted Answer

They use your net income — revenue minus expenses. High write-offs lower your qualifying income significantly.

Question 5

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM loans carry more lender risk, so rates are higher. Rates vary by borrower profile and market conditions.

Question 6

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

Accepted Answer

Most lenders want 680 or higher. Some non-QM lenders go lower, but rates increase as the score drops.

P&L Statement Loans for Self-Employed Buyers in Dorris, CA