Question 1

Does my CPA have to be licensed to prepare the P&L?

Accepted Answer

Most lenders require a CPA or licensed tax professional to prepare and sign it. An unlicensed bookkeeper typically won't satisfy the requirement.

Question 2

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

Accepted Answer

Yes. P&L loans have no rural-area restrictions. Property type and condition matter more than location for most non-QM lenders.

Question 3

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

Accepted Answer

Most lenders want a P&L dated within 60 days of your application. Have your CPA prepare it after you're ready to move.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions, but expect a premium over conventional pricing.

Question 5

What property types work with P&L loans in Yreka?

Accepted Answer

Primary homes, second homes, and investment properties all qualify. Some lenders have restrictions on manufactured homes or raw land.

Question 6

Can I refinance with a P&L loan if I already own a home?

Accepted Answer

Yes. Rate-and-term and cash-out refinances are both available through non-QM lenders using P&L income verification.

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