P&L-Only Mortgage Loan Program
Qualify with Your Profit & Loss Statement — No Tax Returns Required
The P&L mortgage loan is a flexible alternative for self-employed borrowers who don’t show enough income on tax returns due to deductions and write-offs. With this program, your CPA-prepared Profit & Loss statement does the talking.
Benefits of a P&L Loan
- No Tax Returns Required: Income is verified using a CPA- or accountant-prepared profit and loss (P&L) statement—no need for tax documents.
- Fast, Streamlined Approval: Reduced paperwork allows for quicker approval and closing, ideal for busy business owners.
- Ideal for Self-Employed Borrowers: Tailored for entrepreneurs, consultants, freelancers, and independent contractors.
- Higher Qualifying Income: P&L loans can reflect your true business income, often allowing you to qualify for a larger loan or better terms.
- Versatile Use: Can be used for home purchase, rate/term refinance, or cash-out refinance on primary residences, second homes, or investment properties.
P&L Loan Parameters
- Income Documentation: 12–24 months of CPA-prepared Profit & Loss (P&L) statement
- Tax Returns: Not required
- Credit Score: Minimum 620–660 (700+ preferred for best rates)
- Loan Amount: $150,000 – $3,000,000+
- Loan-to-Value (LTV): Up to 85% for purchases; up to 80% for refinance or cash-out
- DTI (Debt-to-Income): Up to 50% (evaluated case-by-case)
- Occupancy Types: Primary residence, second home, and investment property
- Property Types: Single-family residences (SFR), condos, townhomes, and 2–4 unit residential properties
- Loan Terms: 30-year fixed, interest-only, and adjustable-rate mortgage (ARM) options
- Reserves: Typically 3–12 months of PITIA, depending on borrower profile
- Prepayment Penalty: None for primary or second homes; may apply to investment properties
- Self-Employment Length: Minimum of 2 years of verifiable self-employment
How a P&L Loan Works and Who It’s For
How It Works
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Submit a Profit & Loss (P&L) statement covering the past 12 or 24 months, prepared by a CPA or licensed tax preparer.
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The lender uses the net income from the P&L to determine your qualifying income.
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No tax returns, W2s, or pay stubs are required.
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Loan approval is based on your credit score, loan-to-value (LTV) ratio, and P&L income.
Who Is This Loan For
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Self-employed borrowers with significant tax write-offs
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Entrepreneurs and small business owners
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Real estate professionals, freelancers, and consultants
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Borrowers with inconsistent or seasonal income
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Investors who need flexible, low-documentation financing
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