P&L Loans in Virginia

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.

Is a P&L mortgage the same as a stated income loan?

No. A stated income loan, in the old sense, accepted a borrower's income figure without verifying it, and that kind of lending largely ended after the 2008 crisis. A P&L mortgage relies on a statement backed by a qualified preparer and cross-checked against bank records. The lender is still required to make a good-faith determination that you can repay.

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.