Question 1

Who prepares the P&L for this loan?

Accepted Answer

Your CPA or licensed tax professional prepares it. The lender won't accept a self-prepared P&L — it must come from a verified third party.

Question 2

Do I still need bank statements with a P&L loan?

Accepted Answer

Most lenders require 2-3 months of business bank statements to support the P&L. Some ask for more depending on your loan amount.

Question 3

What credit score do I need in Ventura County?

Accepted Answer

Most P&L lenders want a 680 minimum. Stronger scores above 720 open up better rates and lower down payment options.

Question 4

Can I use a P&L loan to buy in Simi Valley with 10% down?

Accepted Answer

Yes, 10% down is possible with strong credit and solid reserves. Some lenders require 20% — it depends on the specific program and loan amount.

Question 5

Are P&L loan rates higher than conventional rates?

Accepted Answer

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

Question 6

How long does my business need to be operating?

Accepted Answer

Two years of self-employment is the standard requirement. Some lenders accept 12 months with compensating factors like strong reserves.

P&L Statement Loans for Self-Employed Buyers in Simi Valley