Question 1

Does the P&L have to be CPA-prepared?

Accepted Answer

Yes. Lenders won't accept bookkeeper or self-prepared statements. A licensed CPA must sign off on the document.

Question 2

Can I use a 12-month P&L instead of 24?

Accepted Answer

Some lenders accept 12 months. Rates and terms are usually better with a 24-month statement showing consistent income.

Question 3

What credit score do I need in Benicia?

Accepted Answer

Most P&L programs want 680 or higher. Some lenders go lower, but expect tighter terms and higher rates. Rates vary by borrower profile and market conditions.

Question 4

How much do I need to put down?

Accepted Answer

Typical down payments run 10–20%. Lower down payments are possible but usually come with stricter income documentation requirements.

Question 5

Can I use a P&L loan to buy investment property in Benicia?

Accepted Answer

Yes. Some non-QM lenders allow P&L loans on investment properties. A DSCR loan may also be worth comparing depending on rental income.

Question 6

How long does a P&L loan take to close?

Accepted Answer

Non-QM underwriting typically runs 3–4 weeks. Having your CPA-prepared P&L ready before you apply speeds the process.

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