Question 1

Who prepares the P&L statement?

Accepted Answer

A licensed CPA must prepare and sign it. Bookkeepers and accountants without a CPA license typically won't satisfy lender requirements.

Question 2

Can I use a P&L loan to buy in Port Hueneme?

Accepted Answer

Yes. P&L loans work for purchase and refinance in Ventura County. Property eligibility depends on the specific lender's guidelines.

Question 3

How long do I need to be self-employed?

Accepted Answer

Most lenders want at least 2 years of self-employment history. Some will consider 1 year with strong financials.

Question 4

Are P&L loan rates higher than conventional rates?

Accepted Answer

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

Question 5

What if my P&L and bank statements show different income?

Accepted Answer

Lenders will flag large gaps. Your broker can help you choose the method that produces the stronger qualifying income.

Question 6

Can I use a P&L loan on an investment property?

Accepted Answer

Some non-QM lenders allow it. For pure investment properties, a DSCR loan may be a better fit than a P&L program.

P&L Loans for Self-Employed Buyers in Port Hueneme