Question 1

How far back must my P&L statement cover?

Accepted Answer

Most lenders require 12 months minimum, though 24 months strengthens your file. The statement must be current within 90 days of loan application.

Question 2

Can I use my bookkeeper instead of a CPA?

Accepted Answer

No. Lenders require a licensed CPA, EA, or certified tax professional. Your bookkeeper can prepare the data, but a licensed professional must sign off.

Question 3

What if my business is less than one year old?

Accepted Answer

Some lenders accept newer businesses with larger down payments and strong reserves. Expect 25-30% down and 12 months liquid reserves minimum.

Question 4

Do P&L loans work for partnerships or S-corps?

Accepted Answer

Yes. The CPA documents your ownership percentage and proportional income. Multi-member structures add paperwork but don't disqualify you.

Question 5

How do rates compare to conventional loans?

Accepted Answer

Expect rates 0.75-1.5% higher than conventional programs. Rates vary by borrower profile and market conditions. Strong credit and equity improve pricing.

P&L Statement Loans in Yuba City: Finance Your Home with CPA-Verified Income