P&L Loans in Pennsylvania

Can I refinance with a P&L loan?

Many P&L programs allow rate-and-term refinances and some allow cash-out refinances, often with tighter limits on the cash-out side. The same documentation applies: a preparer-backed P&L, supporting statements and a value estimate on the property. Programs vary by borrower, property and investor, so ask how the lender treats refinances before you order a new P&L.

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.

Will my preparer get in trouble for signing a P&L?

A preparer who signs or attests to a P&L is vouching for their own work, so most will want to review your books first and will only sign what they can support. That is normal. If you have questions about how a P&L relates to your filed returns or what a preparer can sign, raise them directly and talk to a tax professional.