P&L-Only Mortgages for Business Owners
A P&L-only mortgage is the lightest non-QM doc type available: a CPA, EA, or licensed tax preparer signs a profit and loss statement covering the most recent 12 or 24 months, and that document alone establishes qualifying income. No bank statements to scrub, no tax returns to dissect — just the P&L plus a third-party preparer letter.
Highlights
- •Single CPA-signed P&L document qualifies income
- •No bank statements to review
- •No tax returns required
- •Faster underwriting than bank-statement programs
- •Most expensive non-QM tier — premium for the simplicity
Who it's for
High-income business owners whose CPAs already produce internal P&L statements, professionals (doctors, attorneys, consultants) with single-member LLCs or PCs, and borrowers buying time-sensitive deals where a fast underwriting cycle matters.
Frequently asked questions
Who can prepare the P&L?
A licensed CPA, enrolled agent (EA), or licensed tax preparer with at least 2 years tied to the borrower's business. The preparer signs a letter attesting that they prepared the document and that it reflects business performance to the best of their knowledge.
How does the rate compare to bank-statement loans?
P&L-only typically prices 0.25–0.5% above an equivalent bank-statement loan. The premium reflects less verification depth.
Can I use P&L-only for cash-out refi?
Yes. Most programs allow purchase, rate-term, and cash-out, with cash-out LTV usually 5% lower than purchase.
What if my CPA refuses to sign?
Some preparers won't sign P&L letters because they didn't audit the business. In that case, fall back to bank-statement or 1099-only.
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Related programs
Bank Statement Mortgages for Self-Employed Borrowers
Bank statement mortgages qualify self-employed borrowers using 12 or 24 months of personal or business bank deposits. No tax returns. Up to 90% LTV.
Asset-Qualifying Mortgages (Asset Depletion)
Asset-qualifying (asset depletion) mortgages let high-net-worth borrowers qualify using liquid assets in lieu of income. Ideal for retirees and investors.
1099-Only Mortgages for Contractors and Gig Workers
1099-only mortgages qualify independent contractors using their last 1 or 2 years of 1099 forms. No tax returns required. Up to 90% LTV available.
Today's mortgage rates
Conventional
5.875%
5.911% APR
FHA
5.250%
5.278% APR
VA
5.250%
5.275% APR
Conv: 80% LTV, 780 FICO. FHA: 96.5% LTV, 680 FICO. VA: 100% LTV, 680 FICO. 30-yr fixed. Your rate may vary.