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Simi Valley attracts a lot of self-employed buyers. Business owners, contractors, and consultants often can't show W-2 income — but they can show a solid P&L.
A CPA-prepared profit and loss statement replaces tax returns as your income proof. That's the core mechanic of this loan program.
680+
Min Credit Score
CPA-Prepared P&L
Income Doc
10%
Min Down Payment
12 or 24 Months
P&L Period
Non-QM
Loan Type
Profit & Loss Statement Loans in Simi Valley
Your CPA prepares a 12- or 24-month P&L statement. The lender uses that to calculate your qualifying income — not your Schedule C.
Most lenders want a 680+ credit score for this program. Down payment requirements typically start at 10%, and reserves matter more here than on agency loans.
Local decision guide
Use this guide to connect profit & loss statement loans eligibility, lender expectations, and local market factors before comparing payment options in Simi Valley.
Simi Valley attracts a lot of self-employed buyers. Business owners, contractors, and consultants often can't show W-2 income — but they can show a solid P&L.
A CPA-prepared profit and loss statement replaces tax returns as your income proof. That's the core mechanic of this loan program.
Your CPA prepares a 12- or 24-month P&L statement. The lender uses that to calculate your qualifying income — not your Schedule C.
P&L loans are non-QM products. Most big retail banks don't offer them. You need a broker with access to non-QM wholesale lenders.
SRK CAPITAL works with 200+ wholesale lenders. Several specialize in non-QM products like P&L loans. We match your file to the lender whose guidelines fit best.
The biggest mistake we see: a P&L that doesn't match bank deposits. Lenders will cross-reference both. Your CPA needs to be accurate, not optimistic.
Some lenders will ask for a CPA letter confirming your business has been active for two or more years. Get that ready before you apply.
Bank statement loans use 12-24 months of deposits to calculate income. P&L loans use a single CPA document. P&L can be faster to prepare — but it carries more lender scrutiny.
1099 loans work well if your income comes from a few clients who issue 1099s. If your income is more complex, the P&L program gives your CPA more control over how income is presented.
Simi Valley has a strong base of small business owners. Many run businesses in the trades, tech, or professional services — exactly the borrower profile P&L loans serve.
Ventura County home prices mean you may need a larger loan. Non-QM jumbo P&L loans exist, but lenders tighten guidelines above conforming limits. Credit and reserves matter even more at higher loan amounts.
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.
Most lenders require 2-3 months of business bank statements to support the P&L. Some ask for more depending on your loan amount.
Most P&L lenders want a 680 minimum. Stronger scores above 720 open up better rates and lower down payment options.
Yes, 10% down is possible with strong credit and solid reserves. Some lenders require 20% — it depends on the specific program and loan amount.
Yes. Non-QM loans carry higher rates than conventional or FHA products. Rates vary by borrower profile and market conditions.
Two years of self-employment is the standard requirement. Some lenders accept 12 months with compensating factors like strong reserves.