Question 1

Does the P&L have to be prepared by a CPA?

Accepted Answer

Yes. Lenders require a licensed CPA to prepare and sign it. A bookkeeper or self-prepared document won't be accepted.

Question 2

Can I use one year of P&L or do I need two?

Accepted Answer

It depends on the lender. Some accept one year. Others require two. We match you to the lender whose guidelines fit your situation.

Question 3

Will my tax write-offs hurt my P&L loan?

Accepted Answer

Not the way they hurt conventional loans. The P&L reflects gross business income before deductions. That's the whole point of this program.

Question 4

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

Accepted Answer

Most programs start at 620. Scores above 680 get better pricing. Rates vary by borrower profile and market conditions.

Question 5

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

Accepted Answer

Bank statement loans analyze actual deposit history. P&L loans use a CPA summary of business income. Each fits a different type of borrower.

Question 6

Are P&L loans available for purchase and refinance?

Accepted Answer

Yes. Both purchase and refinance transactions qualify. The income documentation requirement is the same either way.

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