Question 1

Who prepares the P&L statement for this loan?

Accepted Answer

A licensed CPA or tax professional must prepare and sign it. Lenders won't accept self-prepared P&L statements.

Question 2

Can I use one year of P&L instead of two?

Accepted Answer

Some lenders accept 12 months. Expect a higher rate or stricter terms compared to a 24-month P&L submission.

Question 3

Do P&L loans have higher rates than conventional loans?

Accepted Answer

Yes. Non-QM loans carry more lender risk, so rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need in Vacaville?

Accepted Answer

Most P&L lenders want 680 or above. Some go lower, but pricing gets significantly worse below 680.

Question 5

Can I buy an investment property with a P&L loan?

Accepted Answer

Yes. P&L loans work for primary homes and investment properties. Down payment requirements are usually higher on investment deals.

Question 6

How is this different from a DSCR loan?

Accepted Answer

DSCR loans qualify based on rental income from the property. P&L loans qualify you based on your business income.

P&L Loans for Self-Employed Buyers in Vacaville