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Self-Employed?

We have more reasons to say YES.

WATCH A VIDEO ABOUT THIS PROGRAM

P&L
(Profit & Loss Statement)

HOME LOANS

Our P&L loan program is designed to be the easiest way for self-employed home buyers to get approved.

As a business owner, you work hard, and you deserve to buy your dream home, just like anyone else.  

 

Unfortunately, most banks and credit unions are unable to see your type of income in the same way you do.  They are required to use the taxable portion of the income on your tax returns.  

 

If you're like most successful business owners, you're probably paying tax professionals good money to keep your tax burden as low as possible. This is a great strategy...until you try to apply for a traditional home loan.

 

...But it's no longer a problem, because now you've discovered our P&L Home Loan Program.

 

Using our P&L Home Loan Program, we use a Profit and Loss Statement (P&L) for the most recent 12-24 month period, prepared a licensed tax preparer. We utilize the net figure (i.e. - after expenses) as the income to qualify for your new loan.

 

Simple, right?  That's the purpose of the loan.

 

This income calculation approach is even easier than one of our most popular programs, the Bank Statement Loan. Applicants who have difficulty qualifying for traditional loan programs and Bank Statement Programs, often find success with the P&L Home Loan Program.

 

Other than the income calculation approach, you'll find that our P&L Home Loan Program works like every other traditional mortgage you may have experienced.  

 

In fact, it has some added flexibility that you won't find in traditional mortgages. There is no PMI, and best of all, there are no prepayment penalties.

 

Many of our clients use this program to buy their dream home and later decide to refinance it into a traditional loan once they (and their tax advisors) determine the optimal time to do so.  

 

Essentially, the P&L Home Loan Program allows you to take control and buy a home on your terms.

 

We are proud to support American business owners. We believe in keeping things simple, which is why we provide educational resources and our decades of experience, so you can finance with confidence.  

 

We are your trusted leader in P&L Home Loan financing.  

 

Give us a call today to discuss your scenario and find out how we can make homeownership possible for you!

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👉  KEY PROGRAM HIGHLIGHTS:

 

  • Ideal for Self-Employed Applicants, who do not qualify for a traditional mortgage because they do not "show enough income" on their Federal income tax returns.

  • Keep your existing low-interest rate first mortgage.
  • No Tax Returns needed to qualify.

  • Qualify on the deposit income income calculated from the business' bank statements

  • Applicants must be in business for a minimum of 2 years. (we may also accept 1 year self-employment, as long as the applicant can demonstrate a work history in the same line of work as their business)

  • Additional Loan Features »

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🚀 WHO IS THE IDEAL CANDIDATE FOR A P&L HOME LOAN?  

 

  • Cash businesses and businesses that do not keep perfect banking records.
  • Businesses with irregular deposit activity.
  • Businesses with seasonal income,
  • Businesses that have been denied for a traditional home loan.
  • Business owners who have been denied for a Bank Statement Loan.

 

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DOWNLOAD

DOCUMENT CHECKLIST

Are you a 1099 Employee or Independent Contractor?  Did you know that there is a program designed for your type of income?

Check out our 1099 INCOME PROGRAM.

LEARN MORE

🔎 At a Glance
We are committed to transparency.  Here is more information about the program. If you have additional questions, we are delighted to assist!
BASED ON NEW APPROVAL GUIDELINES
(effective 12/05/2023)
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Minimum Down Payment

20% - for loan sizes ranging from $125,000 - $3MM

FICO of 660+


Reserves:
$1MM loan size - 6 months reserves
$2MM loan size - 9 months reserves
$3MM loan size - 12 months reserves

 

25% - for loan sizes ranging from $100,000 - $726,200
(minimum TransUnion score of 600+)

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20% - for loan sizes ranging from $726,201 - $825,000
(minimum TransUnion score of 640+)

20% - for loan sizes ranging from $825,000 - $1.25 Million
(minimum TransUnion score of 680+)

25% - for loan sizes ranging from $825,001 - $1.25 MM
(minimum TransUnion score of 680+)


PMI (Private Mortgage Insurance)

None 

Minimum Middle credit score

575 (LTV and other terms may vary, see Loan Originator)

 

Min/ Max Loan Amount

$100,000 - $3MM

 

Loan Repayment Terms

30 Year Fixed Rate
15 Year Fixed Rate

 

Prepayment Penalties

None for Owner-Occupied Homes or Second Homes.

Investment properties Only -  6 months interest on 80% of the original principal balance

 

Recent Housing Events

Min 24 months - OR-1 day minimum (See Loan Originator for details)

 

Max Seller Contributions

6% for Owner-Occupied or Second Homes

6% for Investment Homes

 

Escrows

Escrows for Property Taxes and Home Insurance required

 

Occupancy

Primary Residence / Second/Vacation Home / Investment

 

Acceptable Property Types

Single Family, Townhome/ Villa/ Condominium/ Condotel or Non-Warrantable Condominium

 

UNACCEPTABLE Property Types

Manufactured Homes, Modular Homes, Mobile Homes, Raw Land, Condotels, Log Homes, Dome Homes, Tiny Homes, Commercial Mixed-Use

 

Other

Yes! We accept income from legal Cannabis-based businesses. 🌿

This is not a commitment to lend.  Not all borrowers will qualify for the loan programs listed.  All program terms and conditions are subject to change and may be discontinued without prior notice.  Contact loan originator for program questions and scenarios.