P&L Statement Mortgage Loan Programs
Non-QM (non-qualified mortgage) Profit & Loss mortgage loan programs are designed for self-employed borrowers who may have difficulty qualifying for traditional mortgage loans due to fluctuating income or irregular tax returns.
P&L Statement Mortgage Loan Highlights
Eligibility: Borrowers must be self-employed for at least two years, have a minimum credit score of 600, and provide proof of income through bank statements or other documentation.
Property types: Non-QM Profit & Loss mortgage loan programs are available for primary residences, second homes, and investment properties, including single-family homes, townhouses, and condos.
Maximum LTV: The maximum loan-to-value (LTV) ratio varies depending on the program and lender, but it typically ranges from 85% to 90% for Primary Homes. Borrowers may need to make a larger down payment to qualify.
Income verification: Instead of providing tax returns, borrowers must provide documentation of their income and expenses through bank statements, profit and loss statements, or other means. Lenders may also look at the borrower's business credit score and bank account balances to assess their financial stability.
Interest rates and fees: Non-QM loans generally have higher interest rates and fees than traditional mortgage loans due to the increased risk for the lender. Borrowers should compare rates and fees from multiple lenders to find the best option for their needs.
Repayment terms: Non-QM Profit & Loss mortgage loan programs typically have fixed or adjustable rates and terms ranging from 15 to 30 years. Borrowers should choose a repayment term that fits their budget and long-term financial goals.
Overall, Non-QM Profit & Loss mortgage loan programs can be a good option for self-employed borrowers who may not qualify for traditional mortgage loans. However, borrowers should carefully consider the eligibility requirements, property types allowed, maximum LTV, and other factors before applying.
Non-QM Loan Program Terms:
- Up to 90% LTV Purchase with No MI
- Up to 80% LTV Cash Out
- 599 Min FICO
- Self Employed Programs: 1099, Bank Statements, P&L
- 30 Year Fixed & 40 Year Interest Only Available
- Up to $3M Loan Amount
- 1-4 Units, Condos, Manufactured Homes, Rural
- Up to 55% DTI