Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. Bookkeepers and self-prepared statements are not accepted.

Question 2

Can I use one year of P&L income history?

Accepted Answer

Some lenders accept 12 months. Two years typically gets you better rates and more lender options.

Question 3

Do P&L loans work for properties near Mount Shasta?

Accepted Answer

They can, but rural and mountain properties require lender-specific property approval. Ask before you commit.

Question 4

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

Accepted Answer

Most non-QM lenders start at 620. Higher scores open more programs and improve your rate.

Question 5

How is a P&L loan different from a bank statement loan?

Accepted Answer

Bank statement loans analyze your actual deposits. P&L loans use a CPA summary of business profit instead.

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