In 2026, California P&L rates run about 1.0–1.5% above conventional (non-QM). A stronger FICO, a larger down payment, and a clean CPA-prepared P&L lower your rate, and P&L often prices better than a bank-statement loan thanks to CPA credibility. Model the payment in the calculator.
Why the premium is modest — and why P&L can beat bank statement
P&L loans don't meet agency (Fannie/Freddie) guidelines, so they're held in portfolios or sold to private investors — hence the ~1.0–1.5% premium over conventional. But here's the edge: because a licensed CPA stakes their professional liability on your P&L, lenders often view it as more credible than a pile of bank deposits. That's why a P&L loan can price below a comparable bank-statement loan. As your tax picture simplifies, you can often refinance into conventional later.
What sets your rate
Credit score
The biggest single driver — a stronger FICO prices well below the 660 floor.
Down payment / LTV
More down = lower risk = lower rate. 30% down beats the 20% minimum.
Clean CPA P&L
A tidy, professionally prepared statement reads as low risk.
Occupancy & loan size
Primary residence prices below investment; jumbo P&L prices differently.
The lender
Non-QM terms aren't standardized — investors vary, so shopping matters.
How to price better
| Lever | Effect on your rate |
|---|---|
| Stronger FICO | Biggest reduction |
| Larger down payment | Meaningful reduction |
| Clean, well-prepared CPA P&L | Beats bank-statement pricing |
| Primary vs investment | Lower for primary |
| Compare specialty lenders | Competition lowers it |
Reviewed by the licensing team at Save Financial, a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766) founded in 2009 and serving all 58 counties. Last reviewed July 2, 2026. Nothing here is tax advice.