Can I use a P&L statement to qualify my income for Mortgage?

Your reserves aren't 20% but more than 5% which will get you by. Your credit score isn't great but probably good enough to get some kind of backing-probably higher rates on the loan and PMI though. You don't mention your other debts though. All of these things factor into a bank's consideration. Banks use a general formula based on what they ask for from you-not what you'd like them to see. You may have to provide a lot of extra paperwork but as long as your debts don't push you too much deeper I think you'd qualify for something. Again, there may be limits or drawbacks such as higher/less favorable rates and they may not loan you quite as much as you'd like. That might make a 200K home not possible but maybe something smaller unless you could wait another year to save a little more for the down payment.