Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Self-prepared statements are not accepted by any lender in this program.

Question 2

Do I still need tax returns for a P&L loan?

Accepted Answer

No. That's the point. Lenders qualify you using the P&L income figure only — your tax returns stay out of it.

Question 3

How long does my business need to be operating?

Accepted Answer

Most lenders require at least 2 years of self-employment history. Some accept 1 year with strong compensating factors.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM programs carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 5

Can I use a P&L loan to buy in Live Oak specifically?

Accepted Answer

Yes. Property location doesn't restrict this loan type. Your income documentation and credit profile drive eligibility.

P&L Statement Loans for Self-Employed Buyers in Live Oak