Question 1

Who prepares the P&L for this loan?

Accepted Answer

A licensed CPA must prepare and sign it. A bookkeeper or tax software printout won't satisfy lender requirements.

Question 2

Can I use this loan to buy in a rural area of Tuolumne County?

Accepted Answer

Many non-QM lenders do finance rural properties. Confirm the specific property type with your broker before applying.

Question 3

How is my income calculated from the P&L?

Accepted Answer

Lenders use the net income figure on your CPA-prepared statement. Some use 100% of net; others may apply a factor.

Question 4

Do I need two years of P&L statements?

Accepted Answer

Some lenders accept 12 months. Others require 24. Having both years prepared gives you more lender options.

Question 5

Are P&L loan rates higher than conventional rates?

Accepted Answer

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

Question 6

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

Accepted Answer

Most P&L lenders start at 680. Some go lower with a larger down payment or stronger reserves.

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