Brokers frequently ask what self-employed borrowers and small business owners can do when others lenders need W2’s, tax returns, or bank statements to show income to qualify for a mortgage and they don’t have them.
MortgageDepot offers a simpler solution — use profit and loss (P&L) to qualify for a loan.
Income tax returns and bank statements don’t always reflect the actual income of a self-employed individual., who might normally deduct business expenses to reduce their personal income tax liability.
A Profit and loss statement reflects the business’ net income after including revenue and offsetting expenses. This helps self-employed borrowers show profitability and qualify for this type of mortgage.
- FICO 580
- Up to 85% LTV
- Max DTI 55%
- Loan Amount up to $4 million
- Max Cash in hand $1,000,000, no limit for LTV <55%
- P&L by Licensed CPA, Enrolled Tax Agent, or Licensed Tax Preparer
- No Bank Statement required
- Non-warrantable condos and condotels allowed
- Super Prime & Prime Programs
Contact one of our loan consultants to learn more.