Can I Get a Mortgage With a Profit and Loss Statement?
The short answer
Yes, with the right program. Some non-QM lenders will qualify self-employed borrowers using a profit and loss (P&L) statement, usually prepared or signed by a CPA, enrolled agent or licensed tax preparer, sometimes alongside a few months of bank statements. It suits owners whose recent results are stronger than their last tax return shows.
How P&L loans usually work
- A professional prepares the P&L, typically covering the last 12 or 24 months.
- The lender may ask for supporting bank statements to confirm deposits line up with the reported revenue.
- Net income from the P&L becomes the base for your qualifying income.
- Credit, down payment and reserves shape your rate and terms, like any loan.
Who it tends to fit
- Owners with a newer or fast-growing business
- Borrowers with strong revenue but big write-offs
- Seasonal businesses where the full-year picture tells the real story
The trade-offs
- Higher cost than conventional financing, in most cases
- Bigger down payment and reserve requirements
- Fewer lenders offer it, which is where a broker earns their keep
And a friendly reminder: the P&L has to be accurate. Lenders check it against deposits, and overstating income on a loan application is a serious problem. Honest numbers, every time.
Frequently asked questions
Can I write my own P&L?
Most programs require a third-party professional to prepare or attest to it. Some allow a borrower-prepared P&L with extra bank statement support.
Is a P&L loan better than a bank statement loan?
Neither is better across the board. It depends on how your money flows and how clean your records are. We compare both.
See how bank statement loans work, call (469) 414-5554, or visit our Texas branch.
By Kelly Welton, Mortgage Broker (NMLS #314183), Mohave Mortgage Texas Branch. Mohave Mortgage NMLS #1830581 · Texas Branch NMLS #2690682 · Equal Housing Opportunity. General information only, not a commitment to lend or financial advice. Programs, rates and guidelines vary and change.
