To qualify in 2026 you generally need: a 12 or 24-month P&L from a licensed CPA, EA, or CTEC preparer, a 660+ FICO, 20–30% down (up to ~90% LTV), 3–6 months reserves, and a ~2-year business — with no tax returns. See Eligibility.
The core requirements (2026)
| Requirement | Typical |
|---|---|
| Income proof | 12 or 24-month CPA/EA/CTEC P&L |
| Credit score | 660+ (higher = better LTV/rate) |
| Down payment | 20–30% (up to ~90% LTV) |
| Tax returns | Not required |
| Loan amount | $200K–$5M (incl. jumbo P&L) |
| Business history | ~2 years (some 1 yr w/ strong factors) |
| Reserves | 3–6 months PITI |
Illustrative for 2026; P&L is non-QM, set by individual specialty lenders. Not an offer. See how rates price →
Who can prepare the P&L — and who can't
How your income is calculated
The lender takes the net income from your 12 or 24-month P&L and divides by the number of months to get your monthly qualifying income. Because a P&L reflects real cash flow rather than tax-minimizing deductions, that figure is almost always higher than the income on your tax return — and unlike a bank-statement loan, there's no automatic 50% expense haircut. Model it in the calculator.
Documents checklist
| Document | Purpose |
|---|---|
| 12 or 24-month P&L (CPA/EA/CTEC) | Income — on letterhead, signed & dated |
| Preparer license & letter | Verifies independent preparation |
| Proof of business (2 yrs) | CA Sec. of State filing, license, or DBA |
| Government photo ID | Identity |
| Credit report | FICO & history |
| Reserve & asset statements | 3–6 months PITI |
Some programs also request 2 months of business bank statements if your preparer did not file your most recent business tax return.
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 from offices in Newport Beach and Marina del Rey. Nothing here is tax advice.