Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA or tax professional must prepare and sign it. Self-prepared statements are rejected.

Question 2

Can I use a P&L if I just started my business?

Accepted Answer

Most lenders require 2 years of self-employment history. A brand-new business typically won't qualify.

Question 3

Is a P&L loan more expensive than a conventional loan?

Accepted Answer

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

Question 4

Do I need tax returns at all?

Accepted Answer

No tax returns are required for a P&L loan. That's the main reason self-employed borrowers choose it.

Question 5

How long does approval take?

Accepted Answer

Timeline depends on how fast your CPA delivers the P&L. Once we have it, underwriting typically moves quickly.

P&L Statement Loans for Self-Employed Buyers in Corning, CA