Question 1

Does my P&L have to cover 24 months?

Accepted Answer

Some lenders accept 12 months. Others require 24. The longer statement typically gets you better rates and higher loan amounts.

Question 2

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

Accepted Answer

Most lenders require 2 years in business. A newer operation usually won't qualify regardless of income shown.

Question 3

What if my CPA isn't local to Ventura County?

Accepted Answer

Doesn't matter where they're licensed — California or out of state both work. The CPA just needs an active, verifiable license.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM products carry a rate premium over conventional loans. Rates vary by borrower profile and market conditions.

Question 5

Can I combine a P&L with bank statements for qualification?

Accepted Answer

Some lenders allow a blended approach. We'd shop that across multiple wholesale lenders to see who structures it best for you.

P&L Statement Loans for Fillmore's Self-Employed Borrowers