Profit and Loss Mortgage Loan
A Profit and Loss (P&L) mortgage loan is a non-Qualified Mortgage (non-QM) designed for self-employed borrowers and business owners. It evaluates your ability to repay by using business financial statements rather than standard tax returns or W-2s, allowing you to bypass write-offs that artificially lower your qualifying income.
How It Works
- Alternative Documentation: Instead of tax returns, lenders use 12 to 24 months of Profit and Loss statements. These are typically generated through accounting software and must be prepared or audited by a licensed CPA or tax preparer.
- Income Calculation: Lenders calculate your qualifying monthly income by averaging the net profit shown on your P&L statements.
- Additional Requirements: To verify the P&L numbers, lenders usually require two to three months of business bank statements and may also ask for a CPA letter verifying how long you have owned the business.
La hago simple
Nuestra aplicación interactiva le guía a través de las diversas etapas del proceso de compra de una vivienda y de su financiamiento hipotecario. La aplicación ayuda a mantenerle a usted, a su asesor de préstamos y a su agente inmobiliario conectados y sincronizados entre sí. Nos permite a todos trabajar en conjunto para hacer que el proceso sea fluido y sencillo.