Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Lenders won't accept self-prepared P&L statements.

Question 2

Can I use one year of P&L instead of two?

Accepted Answer

Some lenders accept 12 months. Others require 24. It depends on the lender and your loan size.

Question 3

How does this differ from a bank statement loan?

Accepted Answer

Bank statement loans analyze your deposits. P&L loans use your accountant's income summary. One may qualify you for more.

Question 4

Is this loan available for Ojai purchases and refinances?

Accepted Answer

Yes. P&L loans work for both purchases and cash-out refinances in Ventura County.

Question 5

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

Accepted Answer

Most lenders want at least 620-660. Higher scores improve your rate and approval odds.

Question 6

Do P&L loans cost more than conventional loans?

Accepted Answer

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

P&L Statement Loans for Ojai's Self-Employed Buyers