1Y + 2Y P&L

Min. FICO 660 Up to 80% CLTV

Our Non-QM 1-year and 2-year P&L loans are designed for self-employed individuals. These loans allow borrowers to use their business's Profit & Loss (P&L) statements to qualify, bypassing traditional income verification.

Program features

P&L reviewed by Licensed CPA, CTEC registered Preparer or IRS Enrolled Tax Agent
Loan amounts up to $2.5 million
Max cash-in-hand $500,000 for CLTV >65%, $1,000,000 for CLTV ≤65% to ≥55%, no max cash-in-hand limitation for CLTV <55%
DTI up to 55%
Temporary rate buydowns available

Why choose our 1Y & 2Y P&L?

Bank statements not required up to 70% LTV
Income support tolerance 25%
1-year business existence may be considered

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Program details

P&L reviewed by Licensed CPA, CTEC registered Preparer or IRS Enrolled Tax Agent

Bank statements not required up to 70% LTV

Loan amounts up to $2.5 million

Min FICO 660

Up to 80% СLTV purchase / cash-out

Max cash-in-hand $500,000 for CLTV >65%, $1,000,000 for CLTV ≤65% to ≥55%, no max cash-in-hand limitation for CLTV <55%

DTI up to 55% on owner-occupied

Min. 3 months of reserves required

Primary, second home, investment

At least 25% of the business using a pro-rated portion of qualifying income

Gift funds are allowed; the borrower must contribute at least 10% of their own funds with a maximum of 80% CLTV. Gift funds are not allowed for CLTVs over 80%

Mortgage history: 0 x 60 x 12, 0 x 30 x 12, and 0 x 90 x 24

12 months from bankruptcy or foreclosure

Eligible property types: SFR, townhomes, condo warrantable/non-warrantable, condotels, 2-4 units, PUD, short-term rentals, SFR rural, manufactured housing, leasehold

Eligible terms: 40- & 30-year fixed, 5/6 & 7/6 ARM terms

120 months of I/O period, 240/360 months of amortization, qualified at amortized PITIA payment after I/O period, IO product not allowed in IL and NM

Eligible citizenship: US citizenship, permanent and non-permanent residents, ITIN

Eligible borrowers: Individuals, LLCs/Corp without a hit

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Quick Pricer

Fast turnaround times

Disclosure

24 hours

Underwriting

24 hours

Closing

24 hours

1Y + 2Y P&L FAQ

What is a P&L loan?

P&L (Profit & Loss Statement) Mortgage is a loan that fits best self-employed borrowers, who are unable to qualify under GSE mortgage guidelines. Our P&L allows us to determine the monthly qualifying income of your clients based solely on 1- or 2-year P&L statements prepared by either their CPA or a licensed tax preparer.

While this means that no tax returns or transcripts are required to qualify under this program, A&D Mortgage still needs two months of banks statements to verify income.

Who can get a P&L loan?

P&L loan is available for:

Businesses/self-employed workers who received income exclusively from cash and may not keep perfect records of their transactions.
Businesses/self-employed workers with seasonal income, and/or make intermittent deposits that do not follow a regular predictable pattern on a weekly or monthly basis.
Businesses/self-employed workers that have been in business for more than 2 years.

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#Yes to self-employed

Fannie Mae HomeReady

Min. FICO 620 Up to 97% CLTV

Loan amounts up to $806,500
DTI up to 50%
Primary residence
Minimum down payment 3%

FHA Standard

Min. FICO 580 Up to 97.75% CLTV

Loan amounts up to $524,225
DTI as per AUS
LTV up to 97.75%
A maximum LTV of 80% for cash-out refinances