Self-Employed Home Loan Program
Portfolio Jumbo ‐ 1 Year Profit and Loss Statement (P&L)
This kind of loan product is for the Self-Employed borrower that can produce a 1-year P&L along with a letter from their tax professional verifying 2+ years of self-employment history in lieu of traditional tax returns and also can be an alternative to a "bank statement loan" for the well-qualified borrower.
California Only
Product Term: 7/1
Forms 4506-T and 4506-C Not Required
Income Documentation
Low Doc: Income documentation type: 1-year profit and loss statement
Self Employed Documentation
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YTD and prior year P&L completed by unverified independent third‐party
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Business License or CPA Letter verifying 2 years 25% ownership
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4506-T not required
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Tax returns not required
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Paycheck stubs not required
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2 month Bank Statements
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Liquid assets from the business are OK if 100% ownership
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W2 (co) borrower: Written Verification of Employment
680 Credit Score
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$1,000,000 | 70% LTV
700 Credit Score
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$1,500,000 | 65% LTV
720 Credit Score
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$2,500,000 - 60% LTV
680 Credit Score
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$1,000,000 | 65% LTV
700 Credit Score
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$1,500,000 | 60% LTV
670 Credit Score
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$1,500,000 | 60% LTV
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$1,000,000 - 60% LTV
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$1,500,000 - 55% LTV
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$2,500,000 - 50% LTV
Up to $2,500,000 - 60 LTV%
LTV <60% Loan amount to $1,000,000 – 6 months Principal and Interest payment
LTV >60% - 12 months Principal and Interest payment
Passport, I‐94 & valid VISA (F‐1 and F‐2 type not allowed)
Passport & either I‐94W or proof of ESTA Approval on VISA Waiver Program
Borrower must have U.S. address at the time of application
Foreign down payment, closing costs, and/or reserves must be transferred to U.S. institution
Automatic Debit payment from U.S. institution
24-month P&I Principal and Interest Reserves for Subject Property only
12-month P&I reserves deposited prior to funding
100% Gift funds OK and 60% Foreign National
SFR Single Family Residence and PUD
Condos
2-4 Units
Foreign Nationals
Cash Out
6 Months Purchase Seasoning required for Cash Out Refinance
12 Months P&I in US Financial Institution
Non-Owner Occupied OK
Reserves Requirement
Foreign Nationals
Credit Notes
Previous Housing Payment History, 1 "30 day late" maximum
3 open accounts on credit at minimum 1 year seasoned
"Housing Event" Seasoning
BK - 3 years
Short Sale - 2 years
Foreclosure - 2 years
545 c277 12041