Do I need tax returns for a P and L statement loan

Many P&L programs do not require full tax returns, but documentation rules vary by lender and scenario. We will confirm what is required for your file.

Who can prepare the P and L statement

Many programs require the P&L to be prepared by a licensed tax professional such as a CPA, EA, CTEC, or tax attorney. Program rules apply.

Can I use gift funds for down payment

Some programs allow gift funds for down payment and closing costs in eligible scenarios. This is often easier at lower LTV levels.

Are P and L loans available for investment property

Some lenders allow primary residence, second home, and investment property. We will match your deal to the correct program.

Use the Apply Now link or call or text 713-955-4685 to review your scenario and next steps.

Do I need tax returns for a 12 month P and L statement loan

Some programs may not require personal tax returns when a qualified 12-month P and L statement and required attestations are provided. Requirements vary by lender and scenario.

Who can prepare the P and L statement

The P and L statement is typically required to be prepared by a licensed professional such as a CPA, EA, CTEC, or tax attorney, depending on program guidelines.

What is the minimum credit score for this program

Minimum FICO is commonly 660, though exact requirements vary by LTV, occupancy, and lender program.

Can I do cash out with a P and L statement loan

Yes, cash-out may be allowed up to the program’s maximum LTV, subject to underwriting approval and eligibility requirements.

Are 12 month P and L statement loans assumable

Most Non-QM P and L statement loans are not assumable. The loan typically must be paid off when the property is sold, depending on the lender program.

P&L Statement Loans in Lewisville, TX

Liberty Home Mortgage helps self-employed borrowers qualify using a 12-month Profit and Loss (P&L) statement prepared by a licensed tax professional (program dependent). This Non-QM loan option is designed for business owners whose tax returns may not reflect true cash flow due to deductions.

Proudly serving Lewisville (75056), Denton County, and borrowers across Texas.

✅ Apply Now • 📞 Phone & Text: 713-955-4685 • ✉️ info@libertyhomemortgage.com

What a P&L Statement Loan Is

A P&L statement loan is a mortgage program that may allow qualifying income to be based on a profit and loss statement covering the most recent 12 months, instead of full tax returns (program dependent). The P&L must be prepared and signed by an approved tax professional, based on the lender’s requirements.

Program guidelines vary by lender. All loans are subject to underwriting approval.

Common Program Highlights

Exact terms vary by lender and scenario. Many P&L programs may include (program dependent):

Up to 80% maximum LTV for purchase, rate-and-term refinance, or cash-out (program dependent)
Gift funds may be allowed for down payment and closing costs in eligible scenarios (often easier under 75% LTV)
Loan amounts up to $3.5 million or higher (program dependent)
Temporary buydown options in eligible cases (program dependent)
Minimum credit score often around 660 (program dependent)

Who This Loan May Be For

Self-employed business owners with clean bookkeeping
Borrowers with strong cash flow but high tax deductions
Borrowers who do not fit standard conventional underwriting rules
Primary residence, second home, or investment property scenarios (program dependent)

What Is Usually Required

We start with a simple review, then request what the lender needs. Common requirements may include (program dependent):

12-month P&L prepared by a CPA, EA, CTEC, or tax attorney (program dependent)
Verification of the tax professional’s license/credentials
P&L and income attestation forms (if required by the lender)
Business summary explaining income source and stability
Standard credit, asset, and reserve documentation

P&L Loans vs Other Self-Employed Options

If a P&L loan is not the best fit, we may also review other Non-QM options depending on your income pattern and documents (program dependent). Many borrowers compare P&L loans with bank statement loans, 1099 programs, or VOE-only options.

Here are related loan programs you can compare (eligibility and program rules apply):

Related Programs

If you’re self-employed, these related options may help depending on your documents and goals:

Frequently Asked Questions

Do I need tax returns for a P&L loan?

Many P&L programs do not require full tax returns, but requirements vary by lender and scenario (program dependent).

Who can prepare the P&L?

Most programs require a licensed tax professional such as a CPA, EA, CTEC, or tax attorney, based on lender rules (program dependent).

Can I use gift funds?

Some programs allow gift funds, especially at lower LTV levels, depending on the lender and scenario (program dependent).

Are P&L loans allowed for investment property?

Some lenders allow primary residences, second homes, and investment properties, depending on the program (program dependent).

How do I start?

Apply online or call or text us. We’ll review your goal and provide a simple checklist for the lender (program dependent).

Get Started

To review P&L statement loan options in Lewisville TX (75056) or anywhere in Texas, contact Liberty Home Mortgage.

📞 Phone & Text: 713-955-4685
✉️ info@libertyhomemortgage.com
🌐 www.libertyhomemortgage.com
✅ Apply Now

Equal Housing Lender 🏠⚖️
Company NMLS: 321164 • Aslam Mansoor NMLS: 184238
Liberty Home Mortgage • 4400 State Hwy 121 STE 300 • Lewisville, TX 75056

All loans are subject to underwriting approval and credit review. Some restrictions may apply. Programs, rates, and terms are subject to change without notice.