Self-employed individuals have a more difficult time qualifying for a traditional mortgage. At NEXA Mortgage, we offer our non-QM 1-year and 2-year P&L loans to help them.
Borrowers can qualify for an NEXA loan based on the strength of their business’s Profit & Loss (P&L) statement.
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.
This means no tax returns, transcripts or bank statements are required to qualify under this program.
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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