A P&L-only mortgage qualifies you using a profit-and-loss statement prepared by a licensed tax preparer or CPA — often with no bank statements and no tax returns. It's the simplest option for established self-employed borrowers whose accountant can attest to income.
How a P&L-only loan works
Your CPA or licensed tax preparer prepares a P&L for the recent period; the lender uses the net income on it to qualify you. Some programs are P&L-only; others pair the P&L with a couple of months of statements.
Who it fits
Established business owners with a CPA relationship and consistent income who want the least paperwork. Compare with bank-statement and 1099 programs — we pick whichever counts the most income.
Requirements
Typically 2 years self-employment, a CPA-prepared P&L, a mid-600s+ score, and 10–20% down. See our P&L statement loan program.
Frequently asked questions
What is a P&L-only mortgage?
A loan that qualifies you on a CPA-prepared profit-and-loss statement, often without bank statements or tax returns.
Who can prepare the P&L?
Generally a licensed tax preparer or CPA. Some lenders accept a borrower-prepared P&L with additional support; requirements vary.
P&L-only vs bank statement — which is better?
P&L-only is less paperwork if your accountant can attest to income; bank-statement may count more if deposits are strong. We compare both.