P&L Only Mortgage Loan Program
The 12-Month P&L Only Loan Program offers a streamlined alternative documentation solution for borrowers with complex tax returns. Use profit and loss statements prepared by a CPA, CTEC, attorney, or EA to verify income, eliminating the need for extensive financial records.
This program provides flexibility and convenience for self-employed borrowers or those with unique income situations and complicated tax returns, ensuring simplified access to financing.
Alternative Profit and Loss Statement Income Documentation:
Statement prepared by a Tax Professional CPA, CTEC, Attorney, and EA
12-Month P&L Only Loans
The P&L Only mortgage loan program offers up to 85% maximum loan-to-value for purchase or rate & term refinances and 80% for cash-out refinances.
Jumbo P&L Only Loan – 640 FICO
Borrowers can secure a loan amount up to $4,000,000 with a minimum credit score of 640. This program provides flexible P&L Only options.
Mortgage Pre-Qualification Form – No Credit Check
Verification of Employment Options: Business Operating Agreement, CPA Letter.
Business operating agreement and a CPA letter. This program simplifies the loan process for self-employed borrowers. Choose the P&L Only mortgage loan for tailored employment verification solutions.
LTV Loan Purpose Features: 85% Maximum LTV on Purchase / Rate & Term Refinance, 80% Maximum LTV Cash Out Refinance
| 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 n 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.