1- and 2-Year P&L

Min. Credit Score 660 Min. 20% Down Payment

Our 1- and 2-year P&L loans are designed specifically for the self-employed who struggle with traditional income verification. These loans allow you to use your business's profit and loss statements to qualify, making the mortgage process faster and easier.

Program features

Profit and loss statements must be reviewed by a qualified tax professional
Loan amounts up to $2.5 million
Debt-to-income (DTI) ratio up to 55%
Ability to lower your monthly payments with a temporary rate buydown option
Only 3 months of reserves required

Why choose our 1- and 2-Year P&L?

Bank statements not required with a minimum down payment of 30%
1-year business existence may be considered
Flexible income support

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Program details

Loan amounts up to $2.5 million

No bank statements required with a minimum down payment of 30%

No tax returns required

2 or 1 year of business P&L (profit and loss) statements

P&L statements must be reviewed by a licensed Certified Public Accountant, a tax preparer registered with the California Tax Education Council, or a tax professional authorized by the IRS (Internal Revenue Service)

Cash-out available

3 months of reserves required

Primary residence, second home, investment

At least 25% of the business using a pro-rated portion of qualifying income

Gift funds are allowed

12 months after bankruptcy or foreclosure

Single-family residence, townhomes, condo warrantable/non-warrantable, condotels, 2-4 units, PUD, short-term rentals, rural single-family residence, manufactured housing, leasehold

40- & 30-year fixed, 5/6 & 7/6 ARM terms

Available to non-permanent residents

Ability to close in an LLC

Minimum borrower contribution is 20%

1- and 2-Year P&L FAQ

What is a Profit and Loss mortgage?

If you’re self-employed and having trouble qualifying for a mortgage through traditional guidelines, a Profit and Loss (P&L) Mortgage may be an easy solution for you. With our P&L program, you can qualify for a mortgage based solely on 1- or 2-year Profit and Loss statements prepared by your CPA (Certified Public Accountant) or a licensed tax preparer. This means you don’t need to provide tax returns, transcripts, or bank statements to qualify. It’s a simpler, more straightforward way to get the financing you need.

Who can get a Profit and Loss mortgage?

– Businesses/self-employed workers who receive all their income in cash may not keep perfect transaction records.
– Businesses/self-employed workers with seasonal income and/or make intermittent deposits that do not follow a regular predictable pattern weekly or monthly.
– Businesses/self-employed workers that have been in business for more than 2 years.

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#Yes to self-employed

FHA Streamline Refinance

Min. Credit Score 640

At least 6 monthly payments on an existing FHA loan
Primary residence
No appraisal required for stick-built properties
No debt-to-income (DTI) verification

Asset Utilization

Min. Credit Score 620 Min. 20% Down Payment

Assets to cover 60 months of payments
Only 3 months of reserves required
Loan amounts up to $4 million
Qualifying assets are 100% cash or money market, 100% from public securities, or 70% from retirement accounts