Question 1

What is a P&L only mortgage loan?

Accepted Answer

A P&L only mortgage (also called a Profit & Loss loan) is a Non-QM mortgage that uses a CPA-prepared or licensed accountant-prepared Profit & Loss statement to verify income instead of tax returns or bank statements. It's designed for business owners whose tax returns show minimal taxable income due to legitimate deductions.

Question 2

Who qualifies for a P&L loan?

Accepted Answer

P&L loans are ideal for business owners, S-corp and C-corp owners, sole proprietors, and self-employed borrowers who have been in business for at least 2 years and work with a CPA or licensed accountant who can prepare a compliant P&L statement.

Question 3

What does the P&L statement need to show?

Accepted Answer

The P&L statement must be prepared and signed by a licensed CPA or accountant. Most programs require a 12-month or 24-month P&L. The statement must show gross revenue, business expenses, and net income. Some programs also require a year-to-date P&L.

Question 4

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

Accepted Answer

Some programs are P&L-only and require no bank statements. Others may require 2-3 months of business bank statements to verify that the P&L income is consistent with actual cash flow. We'll match you with the program that requires the least documentation.

Question 5

What credit score do I need?

Accepted Answer

Most P&L loan programs require a minimum credit score of 620. Better pricing is available with scores of 680 or higher.

Question 6

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

Accepted Answer

Yes. P&L loans are available for primary residences, second homes, and investment properties including single-family rentals and small multifamily properties.

Feature	P&L Only Loan	Bank Statement Loan
Documentation Required	CPA-prepared P&L statement	12-24 months bank statements
Best For	Business owners with a CPA	Self-employed with strong deposits
Income Calculation	Net income from P&L	Average monthly deposits
Tax Returns Required	No	No
Bank Statements Required	No (some programs)	Yes
Minimum Credit Score	620+	620+
Max Loan Amount	Up to $3M	Up to $3M
Property Types	Primary, 2nd Home, Investment	Primary, 2nd Home, Investment
Close Timeline	21-30 days	21-30 days

P&L Period	12 months or 24 months
Prepared By	Licensed CPA or accountant (required)
Minimum Credit Score	620 (680+ for best rates)
Maximum LTV	90% (purchase) / 85% (refinance)
Loan Amounts	$150,000 – $3,000,000
Business History	2+ years in business required
Property Types	Primary, Second Home, Investment
Eligible Borrowers	Individual, LLC, S-Corp, C-Corp
Loan Terms	30-yr fixed, 15-yr fixed, ARM options
Debt-to-Income	Up to 55% DTI
Bank Statements	Not required (program-dependent)
States	Ohio + 45 states

P&L Mortgage Loans Ohio — Qualify With Your CPA's Statement

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P&L Loan vs. Bank Statement Loan

P&L Loan Program Details

P&L Loan FAQ

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