Question 1

Does my CPA have to be local to Ventura?

Accepted Answer

No. Your CPA just needs an active license. Any California CPA can prepare your P&L for mortgage purposes.

Question 2

Can I use a P&L loan for a rental property in Ventura?

Accepted Answer

Yes. Some non-QM lenders allow P&L income verification on investment properties. DSCR loans are also worth comparing for rentals.

Question 3

How recent does my P&L statement need to be?

Accepted Answer

Most lenders want a P&L dated within 60 days of your loan application. Your CPA will need to certify it close to your submission date.

Question 4

Will my business expenses hurt my qualifying income?

Accepted Answer

P&L loans typically use net income after expenses. High write-offs reduce your qualifying income — the same problem that kills conventional applications.

Question 5

What's the minimum down payment for a P&L loan in Ventura County?

Accepted Answer

Expect 10% minimum, though 20% gets you better rates and avoids some lender overlays. Lower down payments are available on strong files.

Question 6

How long does my business need to be operating?

Accepted Answer

Most lenders require 2 years in business. Some accept 1 year with strong compensating factors like high credit or large reserves.

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