P&L-only mortgages — qualify off your CPA letter.
A profit & loss statement from your CPA is enough. No bank statements, no tax returns. Cleanest path for organized self-employed borrowers.
P&L-only program guidelines
Rough guidelines only — actual qualification depends on the full loan file (credit depth, reserves, property type, occupancy, and investor overlays). We'll confirm your exact numbers in writing.
| Guideline | P&L Only — 12 Month | P&L Only — 24 Month |
|---|---|---|
| Min FICO | 680 · best 720+ | 680 · best 720+ |
| Min down payment | 15%–20% | 10%–15% |
| Max DTI | 50% | 50% |
| Reserves | 6 months PITI | 6 months PITI |
| Max loan | $3M | $3M |
| Occupancy | Primary, second, investment | Primary, second, investment |
| Doc type | 12-mo CPA/EA-prepared P&L | 24-mo CPA/EA-prepared P&L |
| Cash-out refi | Up to 75% LTV | Up to 75% LTV |
| Rate vs conv. | +0.75%–1.5% | +0.5%–1.25% Better pricing than 12-mo |
P&L Only — 12 Month
- Min FICO
- 680 · best 720+
- Min down payment
- 15%–20%
- Max DTI
- 50%
- Reserves
- 6 months PITI
- Max loan
- $3M
- Occupancy
- Primary, second, investment
- Doc type
- 12-mo CPA/EA-prepared P&L
- Cash-out refi
- Up to 75% LTV
- Rate vs conv.
- +0.75%–1.5%
P&L Only — 24 Month
- Min FICO
- 680 · best 720+
- Min down payment
- 10%–15%
- Max DTI
- 50%
- Reserves
- 6 months PITI
- Max loan
- $3M
- Occupancy
- Primary, second, investment
- Doc type
- 24-mo CPA/EA-prepared P&L
- Cash-out refi
- Up to 75% LTV
- Rate vs conv.
- +0.5%–1.25%Better pricing than 12-mo
When P&L-only is the right call
- Your books are clean and your net income is strong
- You don't want to dig out 12–24 months of bank statements
- Your deposits look messy due to transfers, intermingled accounts, or cash
- You have a long-time CPA who can prep the statement quickly
P&L-only mortgage FAQs
What is a P&L-only mortgage?+
A profit & loss (P&L) only mortgage lets you qualify using a CPA, EA, or CTEC-prepared profit & loss statement covering the last 12–24 months — no bank statements, no tax returns required. We use the net income on the P&L as your qualifying income.
Who prepares the P&L?+
It must be prepared by a third-party licensed tax professional — a CPA, Enrolled Agent (EA), CTEC-registered tax preparer, or PTIN-registered preparer. Self-prepared P&Ls or Quickbooks exports alone won't satisfy underwriting.
P&L-only vs bank statement — which is better?+
P&L-only is cleaner if your books are organized and your net income on paper is higher than averaged bank deposits after expense factor. Bank statement is better if your deposits are strong but your books / write-offs are messy. We'll compare both at pre-app.
Are there bank statement requirements at all?+
Some shelves require 2 months of bank statements as a sanity check (to confirm the P&L looks reasonable). Others require none. Pricing is similar to bank statement loans.
Can I use P&L-only for investment property?+
Yes — most P&L-only shelves allow primary, second home, and investment. For pure investment, a DSCR loan is usually cheaper and easier (no income docs at all).
CPA on speed dial?
One letter from them, one call with us, and you're moving toward pre-approval.
Related loan programs
Not sure this is the right fit? Explore other programs we originate.