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 by a licensed CPA, enrolled tax agent, or licensed tax preparer
Loan amounts up to $4 million
Maximum cash-on-hand $1 million, no limit CLTV < 55%
DTI up to 55%
Temporary rate buydowns available

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

No bank statements required if CLTV <= 65%
Income support tolerance 25%
1-year business existence may be considered

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Program details

P&L by a licensed CPA, enrolled tax agent, or licensed tax preparer

No bank statements required if CLTV <= 65%

Loan amounts up to $4 million

Min FICO: 660

Max CLTV: Up to 80% СLTV purchase / Up to 80% СLTV cash-out

Cash-on-hand: Max cash-on-hand $1 million, no limit for CLTV <55%

Income Type: 2 or 1 year of business P&L statements by a licensed CPA, enrolled tax agent, or licensed tax preparer

DTI: Up to 55% on owner-occupied

Min Reserves: 3 months of reserves required

Occupancy Type: Primary, second home, investment

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

Gift Funds: Gift funds are allowed; the borrower must contribute at least 20% 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

CE Seasoning: 12 months from bankruptcy or foreclosure

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

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

Interest Only: 5/6 ARM, 30-year fixed, 40-year fixed. 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

Citizenship: US citizenship, permanent and non-permanent residents

Vesting: Individuals, LLCs/Corp without a hit

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Quick Pricer

Fast turnaround times

Disclosure

24 hours

Underwriting

24 hours

Conditions

24 hours

Closing

24 hours

1Y + 2Y P&L FAQ

What is a Profit and Loss mortgage?

When self-employed borrowers are unable to qualify under GSE mortgage guidelines, Profit and Loss (P&L) Statement mortgages offer a simple solution. 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 Profit & Loss mortgage?

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

Prime Jumbo

Min. FICO 680 Up to 80% CLTV

Loan amounts up to $2.5 million
DTI up to 45%
No MI required
Cash out up to 75% HCLTV

Freddie Mac Home Possible

Min. FICO 620 Up to 97% CLTV

Loan amounts up to $766,550
DTI up to 45%
Cancelable MI
Homebuyer education is required for first-time buyers