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Profit & Loss Statement Loans in Porterville
Porterville has a strong self-employed community — ag contractors, equipment operators, and construction pros who write off expenses aggressively. Traditional underwriting penalizes those deductions.
P&L loans solve that problem. A CPA prepares a year-to-date or 12-month statement showing actual business income. No tax returns required. You qualify on gross profit, not what you report to the IRS.
You need a CPA-signed P&L covering at least 12 months. Some lenders accept year-to-date statements if your business has two-year operating history. Credit minimums run 620-660 depending on loan amount.
Most programs cap at 80% LTV for purchases, 75% for cash-out refinances. Loan limits vary — we've placed P&L loans up to $3 million in California. Reserves required: typically 6-12 months PITI.
About 40 of our 200+ wholesale lenders offer P&L programs. Underwriting standards differ wildly. One lender might require two years in business; another accepts one year if you worked in the same industry as a W-2 employee before going solo.
Rate spreads range 1-2.5 points above conventional depending on credit, LTV, and reserves. We shop your profile across lenders who price P&L loans competitively. Most fund in 21-30 days.
P&L loans work best when your CPA knows what lenders want to see. We review draft statements before submission. Common red flags: negative net income, inconsistent categorization, or missing CPA license numbers.
Porterville borrowers often pair P&L loans with rural properties on larger lots. If your business operates from the property — equipment storage, shop space — document that. Some lenders view it as income stability.
Bank statement loans use personal or business deposits to calculate income. P&L loans use CPA-verified profit. If your business runs large expenses through checking accounts, bank statement programs often show lower qualifying income.
P&L loans typically beat 1099 loans on rate when you have multiple income streams or irregular 1099 timing. DSCR loans ignore personal income entirely — better for investment properties, worse for primary residences.
Tulare County property values can swing based on water availability and ag commodity prices. Lenders price that risk into non-QM loans. Strong reserves and lower LTV offset perceived volatility.
Appraisals sometimes lag sales due to limited comps on rural parcels. Build extra time into your purchase timeline. We order appraisals early and flag potential delays upfront.
Yes. The CPA must hold an active license in any U.S. state and include their license number on the statement. Enrolled agents and bookkeepers don't qualify.
Some lenders accept year-to-date statements with two-year business history. We underwrite to annualized income and factor seasonality into qualification.
They cross-check against business bank statements, confirm CPA licensing, and analyze profit margins against industry norms. Outliers trigger deeper review.
That's the entire point of P&L loans. You qualify on business income before depreciation and deductions. Tax returns aren't submitted.
Yes. Rate-and-term refis go to 80% LTV. Cash-out caps at 75% LTV. Must meet credit and reserve requirements.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.