Self-Employed? Buy a Home with Our 12-Month P&L Loan
For many self-employed individuals, business owners, and dedicated entrepreneurs, navigating the path to homeownership can present unique challenges. Traditional mortgages often rely heavily on tax returns, which may not always fully capture the financial reality of those who strategically manage business expenses. If you've found yourself in this situation, you're not alone.
The good news is there are alternative solutions available. We’re proud to offer a loan program specifically designed to better accommodate your financial structure: the 12-Month P&L loan program.
Who Benefits from This Program?
This program is particularly well-suited for individuals like:
Key Requirements & Benefits to Get You Started
The 12-Month P&L loan program focuses on your business's current performance rather than solely on past tax filings. Here's what you need to know:
Stop Waiting. Start Owning.
Don't let your unique income structure stop you from your homeownership aspirations. The 12-Month P&L loan program offers a viable and accessible path for self-employed individuals and entrepreneurs. It's about finding a home loan that works for your terms.
Ready to explore your options? Feel free to apply today or reach out to a loan officer with any questions you might have!
The good news is there are alternative solutions available. We’re proud to offer a loan program specifically designed to better accommodate your financial structure: the 12-Month P&L loan program.
This program is particularly well-suited for individuals like:
- The Entrepreneur Who Writes Off Everything: If you're adept at maximizing your business deductions, you know your taxable income might not reflect your true earning potential. This program helps address that common scenario.
- Freelancers & 1099 Contractors: Your independent income streams can sometimes make it difficult to fit into conventional lending criteria. This program considers your unique financial setup.
- Small Business Owners: Whether you operate a local business or an online venture, this program is structured to understand and evaluate your business's financial health.
The 12-Month P&L loan program focuses on your business's current performance rather than solely on past tax filings. Here's what you need to know:
- Income Verification: Your income is verified using your business's 12-month Profit & Loss (P&L) statement. This statement needs to be signed by a CPA, IRS Enrolled Agent, or IRS Filing Season Participant to ensure accuracy.
- Loan Amounts: This program can support loan amounts ranging from $50,000 up to $1,250,000, accommodating various homeownership goals.
- Max Loan-To-Value (LTV): You can secure up to 80% LTV for purchases and rate/term refinances, meaning a minimum 20% down payment is typically required.
- Debt-to-Income (DTI): The maximum Debt-to-Income ratio is 43%.
- No Prepayment Penalty: Enjoy the flexibility to pay off your loan early without incurring additional fees.
- Property Types: This program covers a broad range of property types, including Single Family homes, Townhomes, PUDs, and Condos under 8 stories (both warrantable and non-warrantable).
- Identification: You'll need an unexpired Government Photo ID and supplemental documentation (such as an SSN card, utility bill, or birth certificate).
Don't let your unique income structure stop you from your homeownership aspirations. The 12-Month P&L loan program offers a viable and accessible path for self-employed individuals and entrepreneurs. It's about finding a home loan that works for your terms.
Ready to explore your options? Feel free to apply today or reach out to a loan officer with any questions you might have!