Loan programs · P&L Only
One statement. One clean path.
If you run an established business with strong, well-documented earnings, a P&L Only mortgage qualifies you on a CPA-prepared profit-and-loss statement — no tax returns to untangle. Here's how it works in Orange County.
What is a P&L only mortgage?
A P&L only mortgage qualifies a self-employed borrower using a CPA-prepared profit-and-loss statement instead of tax returns. The lender uses the net income on the statement — often averaged over 12–24 months — to set your qualifying income. Because a licensed professional signs it, lenders accept it as credible. Choice Home Mortgage coordinates with your CPA and shops the right lender.
P&L Only loans, explained in 30 seconds.
Run a business? Here's the whole idea — quick, clear, and friendly.
Your CPA's numbers, taken seriously.
A P&L Only mortgage lets a self-employed borrower qualify on a profit-and-loss statement for their business — not full tax returns, and often not bank statements either. The lender uses the net income on the statement, frequently averaged over 12 or 24 months, to set your qualifying income.
The key is who prepares it. The statement is drawn up and signed by a licensed CPA, enrolled agent, or registered tax preparer, on their letterhead and typically dated within 90 days of closing. Because a professional stands behind the numbers, lenders accept them at face value — which usually means a faster, cleaner file than a deposit-by-deposit review.
No CPA-prepared statement on hand? A bank statement loan qualifies you on deposits instead. Paid mostly on 1099s? See our 1099 income loan. We’ll tell you which one fits your books.
Why a P&L loan is the clean path for established owners.
A P&L, not tax returns
Your qualifying income comes from a profit-and-loss statement for your business — no full tax returns, and often no bank statements either.
Prepared by your CPA
The statement is prepared and signed by a licensed CPA, enrolled agent, or registered tax preparer — lenders treat that as credible at face value.
Net income, averaged
Lenders use the net income from your year-to-date or full-year P&L, often averaged over 12 or 24 months, to set your qualifying income.
Cleanest for established owners
If your business has strong, well-documented earnings, a P&L is often the simplest, lowest-paperwork path to qualifying.
Fewer documents to chase
Because a CPA-signed P&L is accepted as reliable, underwriting often needs less back-and-forth than a deposit-by-deposit review.
One owner on your file
Owner Esther Buede coordinates with your CPA so the statement is formatted exactly the way lenders expect it.
P&L only mortgage questions, answered.
What is a P&L only mortgage?
A P&L only mortgage qualifies a self-employed borrower using a profit-and-loss statement for their business instead of tax returns. The lender uses the net income shown on the statement — often averaged over 12 or 24 months — to determine your qualifying income. It's a clean fit for established owners with strong, well-documented earnings.
Who has to prepare the P&L?
Lenders generally require the statement to be prepared and signed by a licensed, independent CPA, an enrolled agent, or a registered tax preparer — on their letterhead and typically dated within 90 days of closing. Because a professional stands behind it, lenders treat the numbers as credible, which can speed up underwriting.
Do I still need bank statements or tax returns?
Often no. The defining feature of a P&L only program is that the CPA-prepared statement does the work that tax returns or bank statements would do on other loans. Some lenders may ask for limited supporting documents, but the P&L is the centerpiece.
How is a P&L loan different from a bank statement loan?
A bank statement loan qualifies you on the deposits flowing through your accounts; a P&L loan qualifies you on a CPA-prepared statement of your business's net income. P&L is often cleaner for established owners with organized books; bank statements can be better when your deposits tell the strongest story. We'll compare both for you.
Who is a P&L only mortgage best for?
Established business owners with steady, well-documented earnings and a CPA who already keeps their books — the kind of borrower whose tax returns understate the business because of write-offs, but whose actual operating profit clearly supports a mortgage.
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One call with the owner — no queue, no pressure. If your business earnings are strong and well-documented, we'll tell you honestly whether a P&L program is your cleanest route.