P&L Statement Only Mortgage Loan Program
The P&L Statement-Only Mortgage Program offers a simplified documentation route ideal for self-employed individuals or those with complex tax returns. Instead of tax returns, applicants may validate their income using a 12-month profit and loss statement, prepared by a certified tax professional (CPA / CTEC / attorney / EA).
Key Loan Program Features:
- High Loan-to-Value (LTV):
- Up to 85% for home purchase or rate-and-term refinances
- Up to 80% for cash-out refinances
- Jumbo Loan Options:
- Loan amounts up to $4,000,000
- Credit score requirements start at 640, with higher scores benefiting from better terms
- Flexible Borrower Profiles:
- Supports individuals, LLCs, corporations, ITIN holders, foreign nationals, and non-occupied property borrowers
- Wide Property Eligibility:
- Applicable to single-family homes (attached or detached), condominiums, and 3-unit properties
- Generous Gift/Contribution Policies:
- Allows 100% down payment via gift for loans under 80% LTV; borrower may contribute as low as 20%
Employment Verification Options:
Accepts documentation such as a business operating agreement or a CPA’s letter, offering flexible proof of income and employment
Mortgage Pre-Qualification Form – No Credit Check
| Credit Score | Loan Amount | Loan-to-Value (LTV) |
|---|---|---|
| 620 | $1,000,000 | 75% |
| 640 | $1,500,000 | 85% |
| 640 | $2,000,000 | 80% |
| 700 | $2,500,000 | 85% |
| 720 | $3,000,000 | 75% |
| 680 | $2,500,000 | 75% |
| 720 | $4,000,000 | 65% |
| 700 | $3,000,000 | 80% |
| 680 | $2,500,000 | 80% |
| 700 | $2,500,000 | 75% |
| 660 | $2,000,000 | 70% |
Eligible Borrowers: Natural Person, LLC, Corporation, ITIN, Foreign National, Non-Occupied Borrowers
Eligible Property Types: SFR Attached, SFR Detached, Condominium, 3 Unit
Eligible Occupancies: Owner-Occupied, Non-Owner-Occupied, Second Home
Gift Money Allowed to 100% LTV/ $0 Borrower Contribution.
Reserve Requirement: 4 Months Principal, Interest, Property Tax, Homeowners Insurance, and HOA (if applicable)
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Vermont, Virginia, Washington, and Wisconsin.