What is the Self prepared P&L？
Self Prepared P&L is a good choice for self-employed borrowers who can not be qualified with agency loan and do not want to provide varities of income documents.
Self Prepared P&L Program Highlights
7/6 ARM (5/1/5)
1) No Paystub / W2 / tax return / 4506-C;
2) Gift funds allowed;
3) Max. Loan Amount $2M;
4) Max. LTV 70%;
5) Min. FICO 700.
* Please call for price: Low/Moderate Income CRA Product (Higher LTV & Lower FICO Limits) or FICO 680-699
Reserve in designated account (Deposit 1-year P&I in AAA-designated account w/ ACH, keep active for 6 months) +0.125 to price
What is P&L? Who can apply for P&L?
• Are you a self-employed borrower?
• Did your mortgage lender require business bank statements and signed tax returns with transcripts for loan qualification?
• Have you ever been suspended or denied by the agency lenders? Did your lender ever deny your application based on their internal guidelines?
• Do you know how you can qualify a house loan without any income documents?
P&L (Profit & Loss) is designed for self-employed borrowers who typically write off a lot on their tax returns to lower their income that would not be sufficient to qualify for agency programs, would benefit from alternative loan qualification methods. A CPA/CTEC/EA completed and signed P&L may be used as an alternative to tax returns to document a self-employed borrower’s income. In addition, a self-prepared P&L from borrowers can sometime be accepted.
The Benefits of Self prepared P&L
For self-employed borrowers, the 12/24 month bank statement program is often a better choice, as this program doesn’t require tax returns or business bank statements. However, for those with a more complex financial situation involving multiple bank statements, the P&L program may be the best choice. If a business has statements from three bank accounts, this restriction could lead to the P&L program being a more suitable option.
Self Prepared P&L Fast Approval Requirements
When submitting loan applications, lenders may need a YTD (Year-to-Date) P&L (sometimes including prior year's P&L), a business license, a CPA letter, among other things.
Submission Team is available to calculate income for the borrower before submitting a loan.
If you have any questions about Self prepared P&L program,
Please email to hello@aaalendings.com or call us: 1 (877) 789-8816
