Question 1

Does my CPA have to prepare the P&L statement?

Accepted Answer

Yes. Lenders require a licensed CPA to prepare and sign it. A bookkeeper or self-prepared P&L won't clear underwriting.

Question 2

Can I use just 12 months of P&L?

Accepted Answer

Many lenders accept 12 months. Some require 24. Twelve-month P&Ls often carry slightly higher rates.

Question 3

Do I still need to show tax returns?

Accepted Answer

No. That's the core benefit. The P&L replaces tax return income verification entirely on these programs.

Question 4

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

Accepted Answer

Most lenders start at 680. Some non-QM lenders go lower, but pricing gets worse below that threshold.

Question 5

Can a P&L loan cover a jumbo purchase in Ventura County?

Accepted Answer

Yes. Non-QM P&L loans aren't capped at conforming limits. Loan amounts above $800K are common in this market.

Question 6

How does a P&L loan compare to a bank statement loan?

Accepted Answer

P&L is simpler — one document versus 12–24 months of statements. Both are non-QM, but P&L relies on your CPA's figures.

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