P&L Only Program

P&L Only Program

Our Bank Statement Mortgage program is ideal for self-employed borrowers who require an alternative approach to demonstrate the actual cash flow of their business. It is not necessary for borrowers to own 100% of the business; ownership as low as 25% is acceptable.

  • Inquire about FICO scores as low as 620
  • Provide 12 or 24 months of bank statements
  • No need for a CPA letter or P&L statements
  • Require 2 years of self-employment
  • At least 25% ownership is necessary
  • Apply a standard 50% expense factor
  • Maximum DTI of 50%
  • Accept second homes and non-owners as well
  • Only one appraisal required for amounts up to $2,000,000
  • Gift funds are acceptable
  • Cash-out transactions require reserves
  • Utilize asset qualification for additional income
  • Co-borrowers with wage or fixed income are allowed

Self-employed individuals, business owners, and those with seasonal income now have access to a wide range of mortgage options. These options eliminate the need for tax returns and instead allow borrowers to verify their income using bank statements. This provides a more flexible and convenient solution for these borrowers.

Contact our office for more information about our bank statement mortgage program