Question 1

Does my CPA have to be licensed in California?

Accepted Answer

Yes, most lenders require a California-licensed CPA. An out-of-state or unlicensed preparer typically won't satisfy non-QM underwriting requirements.

Question 2

Can I use a P&L loan to buy rural property in Siskiyou County?

Accepted Answer

Yes, but lender guidelines vary on rural and agricultural parcels. Some non-QM investors restrict acreage — we screen for that before submitting your file.

Question 3

What if my business is less than two years old?

Accepted Answer

Most P&L lenders want at least two years of self-employment history. Under two years, your options narrow significantly.

Question 4

How is a P&L loan different from a stated income loan?

Accepted Answer

Stated income loans required no documentation. P&L loans require a CPA-prepared document. Lenders verify the income through that statement — it's not stated-income.

Question 5

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM products carry a rate premium over conventional loans. Rates vary by borrower profile and market conditions.

Question 6

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

Accepted Answer

Yes. P&L programs are available for rate-and-term and cash-out refinances. The same CPA documentation requirements apply.

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