Brought to you by 7th Level Mortgage LLCApply Now Self-employed business owners
Some self-employed borrowers may qualify using a 12-month profit-and-loss statement rather than tax returns or bank statements.
The source program is designed for borrowers with at least 50% business ownership and a 12-month P&L prepared by an eligible CPA, enrolled agent or other accepted tax professional.
Credit, assets, reserves, business history, property, occupancy, loan purpose and debt-to-income remain part of underwriting. Some programs may consider a non-occupant co-borrower, gift funds or qualifying short-term-rental income.
The source program described leverage up to 80%, cash-out, interest-only options and loan amounts up to $3.5 million. Availability and terms depend on the complete scenario and current participating-lender guidelines.
Frequently asked questions
The selected program may require a 12-month P&L prepared by an eligible CPA, enrolled agent or other accepted tax professional.
A qualifying P&L-only program may not require bank statements for income calculation, but assets, funds to close and reserves may still need documentation.
General information is useful. A mortgage professional can help you evaluate the facts that apply to you.
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