Many Connecticut business owners file returns built to reduce taxes, which can leave a mortgage underwriter with a low income figure. If you already work with a CPA, EA or licensed tax preparer, a P&L loan may let you qualify from a preparer-backed profit-and-loss statement instead, usually with a short set of bank statements as a check. Lenders still verify ability to repay, and programs vary by borrower, property and investor. Your preparer is usually the first call.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
Lenders often confirm that your business is active. In Connecticut, business entity records are searchable through the Connecticut Secretary of the State. If a CPA prepares your expense letter or P&L, the lender may check the license with the Connecticut Department of Consumer Protection.
Where the numbers point in Connecticut
Counties with the most self-employed workers:
| County | Self-employed workers |
|---|---|
| the Western Connecticut Planning Region | 44,903 |
| the Capitol Planning Region | 40,186 |
| the South Central Connecticut Planning Region | 23,305 |
| the Naugatuck Valley Planning Region | 22,204 |
| the Greater Bridgeport Planning Region | 18,766 |
| the Southeastern Connecticut Planning Region | 10,166 |
| the Lower Connecticut River Valley Planning Region | 10,003 |
| the Northwest Hills Planning Region | 8,232 |
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Local pages in Connecticut
- Bank statement loans in Bridgeport
- Bank statement loans in Hartford
- Bank statement loans in New Haven
- Bank statement loans in Norwich
- Bank statement loans in Waterbury
- Bank statement loans in Danbury
- Bank statement loans in Stamford
- Bank statement loans in Norwalk
- Bank statement loans in New Britain
- Bank statement loans in Bristol
- Bank statement loans in Meriden
- Bank statement loans in West Haven
- Bank statement loans in Milford
- Bank statement loans in Milford city
- Bank statement loans in Middletown
- Bank statement loans in Shelton
- Bank statement loans in Torrington
- Bank statement loans in Naugatuck
- Bank statement loans in New London
- Bank statement loans in Ansonia
- Bank statement loans in Wallingford Center
- Bank statement loans in Willimantic
- Bank statement loans in Storrs
- Bank statement loans in Derby
- Bank statement loans in Conning Towers Nautilus Park
- Bank statement loans in Jewett City
- Bank statement loans in Oakville
- Bank statement loans in Thompsonville
- Bank statement loans in Riverside
- Bank statement loans in Kensington
Common questions
Why do lenders want bank statements with a P&L?
The statements act as a reasonableness check. Deposits over the review period should broadly support the revenue on the P&L. If they do not, the underwriter will ask questions or adjust the income figure. The statements confirm the P&L rather than replace it, which is why P&L programs usually ask for fewer of them than a full bank statement program.
What is a P&L loan?
A P&L loan is a non-QM mortgage that qualifies a business owner from a profit-and-loss statement rather than tax returns. The statement is usually prepared or verified by a CPA, EA or licensed tax preparer, and lenders often ask for a few months of business bank statements to confirm the revenue. Lenders still assess your ability to repay, and all loans are subject to credit approval.
Can I write my own P&L for a mortgage?
Some programs accept a borrower-prepared P&L, but usually only with additional bank statements or other support. Many require a CPA, EA or licensed tax preparer to prepare, review or sign the statement. Lenders often verify the preparer's credentials as well. Ask the loan officer which version is acceptable before you start so you do not have to redo the work.
Other non-QM options in Connecticut
Bank statement loansNon-QM lendersSelf-employed1099 loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansForeign nationalNon-warrantable condoBank statement HELOCInterest-only
Related guides
- P&L Statement Mortgages: How P&L-Only Home Loans Work
- CPA Letters for Mortgages: What They Are For and What They Can Say
- Self-Employed Mortgage Requirements: The Full-Documentation Route
P&L Loans overview · Connecticut non-QM overview
- Census ACS 2020-2024, table B24080