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 Features:
- Purchase and Rate/Term Refinance loan amounts up to $4,000,000
- Cash Out Refinance loan amounts up to $3,500,000
- Credit score requirements start at 620, 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%
Mortgage Pre-Qualification Form – No Credit Check
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 Credit Score/ Loan Amounts/ Loan-to-Value %
Purchase and Rate/Term Refinance Loan Matrix
| FICO | Loan Amount | LTV |
|---|---|---|
| 640 | $1,000,000 | 80% |
| 640 | $1,500,000 | 75% |
| 660 | $2,000,000 | 80% |
| 660 | $2,500,000 | 75% |
| 680 | $2,500,000 | 80% |
| 680 | $3,000,000 | 75% |
| 700 | $3,000,000 | 80% |
| 700 | $3,500,000 | 75% |
| 720 | $3,000,000 | 80% |
| 720 | $3,500,000 | 75% |
| 740 | $3,500,000 | 85% |
| 740 | $4,000,000 | 80% |
Cash Out Refinance Loan Matrix
| FICO | Loan Amount | LTV |
|---|---|---|
| 640 | $1,000,000 | 75% |
| 640 | $1,500,000 | 70% |
| 660 | $2,000,000 | 75% |
| 660 | $2,500,000 | 70% |
| 680 | $2,500,000 | 75% |
| 680 | $3,000,000 | 70% |
| 700 | $3,000,000 | 75% |
| 700 | $3,500,000 | 70% |
| 720 | $3,000,000 | 75% |
| 720 | $3,500,000 | 70% |
| 740 | $3,500,000 | 80% |
| 740 | $4,000,000 | 75% |
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.
Free Mortgage Consultation
Questions about this loan program? Get a free consultation with a qualified mortgage consultant to review your scenario and available financing options.
I have questions regarding loan program: P&L Only Mortgage Loan – 640 Credit Score
Last Updated on 1 month ago by Broker Mortgages