P&L Only Jumbo
Jumbo financing using a CPA- or tax-preparer-prepared P&L as the income document. Cleaner than 24 months of bank statements when your books are well-maintained — same outcome at the underwriting desk.
Quick answer
- Income source: CPA- or licensed-tax-preparer-prepared P&L (typically YTD + prior year).
- Tax returns? Not used.
- Bank statements? Some programs ask for 2–3 months of business statements as a sanity check.
- Loan amount: typically up to $2.5M+.
- Max LTV: 80% on most programs.
- Min FICO: 680.
- Self-employment history: 2 years on most programs.
How P&L Only works at the jumbo level
- Your CPA or licensed tax preparer issues a P&L on letterhead, signed and dated, for YTD + prior full year (or 12 / 24 months).
- Underwriter takes the net income figure as qualifying income — no haircut, no recasting.
- Some investors require a brief CPA letter affirming they prepare the P&L in the normal course of business and the borrower owns the entity.
- 2–3 months of business bank statements may be requested as a deposits-vs-revenue sanity check.
P&L vs. Bank Statement — when to pick which
| P&L Only is better when… | Bank Statement is better when… |
|---|---|
| You have a real CPA closing books monthly. | Books are informal or you self-prepare. |
| Your business has meaningful expenses you want reflected accurately. | Your business is high-margin and bank-statement expense factor would understate income. |
| You'd rather underwrite to net profit than to deposits. | You'd rather underwrite to cash flow than to net profit. |
| You want one clean document over 24 statements. | You don't have a CPA who'll sign a P&L. |
FAQ
Who can prepare the P&L?
CPA, EA (enrolled agent), or licensed tax preparer. Their license number must appear on the letter. Borrower self-prep is not allowed.
12 or 24 months — which?
Most investors accept either. 24 months sometimes produces better pricing. We pick by file.
Do I have to use the CPA who files my taxes?
No — any qualifying CPA / tax preparer can sign the P&L. Often it's the same person, but not required.
Is P&L Only available for super jumbo (>$3M)?
Limited. Most P&L Only programs cap at ~$2.5–$3M. Above that, super jumbo typically requires Full Doc or a hybrid documentation approach.
Can I qualify on a 1-year P&L?
Some programs allow 12 months — typically with a business license showing 2+ years of operation. Most prefer 24.
Curious if P&L Only Jumbo is the right fit?
Bring your numbers — we'll model real pricing in 20 minutes.