Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. Self-prepared statements are not accepted by P&L lenders.

Question 2

Do I need 12 or 24 months of P&L history?

Accepted Answer

It depends on the lender. Some accept 12 months. Others require 24. We shop both options across our lender network.

Question 3

Are P&L loan rates higher than conventional rates?

Accepted Answer

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

Question 4

Can I buy in Rio Vista with a P&L loan?

Accepted Answer

Yes. Non-QM loans are available across Solano County. Property type and loan amount affect which programs apply.

Question 5

What if my P&L shows a loss some months?

Accepted Answer

Lenders look at the full period, not just one month. A strong annual net income can offset seasonal dips.

Question 6

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

Accepted Answer

Stated income loans required no documentation. P&L loans require CPA-verified documentation. They are not the same product.

P&L Loans for Self-Employed Buyers in Rio Vista