One Statement. A Full Picture.
Loans from $150,000 to $3.5 Million, qualified from a twelve month profit and loss statement prepared by a CPA, enrolled agent, or licensed tax preparer.
Quick answer
Saxton Mortgage does. At least one program we offer qualifies self-employed borrowers on a P&L alone, covering the most recent 12 months and completed, reviewed and signed by a CPA, an IRS enrolled agent, a CTEC preparer, or another registered tax preparer. Another option pairs the P&L with two months of business bank statements, and the deposits cannot be more than 20% below the monthly gross revenue on the P&L. Primary residences, second homes and investment properties are eligible.
What a P&L-only file must include
Your preparer’s statement carries the income, so each of these checks has to pass.
- Signed by you and by your CPA, EA or CTEC*
- Twelve months of business results
- Established business owners
- A P&L period ending under 60 days before closing*
- You own 25% or more, shown by third-party records*
- Preparer license verified, or an IRS listing for an enrolled agent*
- Business verified as operating within ten calendar days of closing*
Qualify from a twelve month profit and loss statement
Prepared by a CPA, enrolled agent, or licensed tax preparer
Investment homes eligible on P&L income
Row homes excluded, rural homes allowed
Skip bank statements with a $2,000,000 cap
Qualifying uses the lower income number
What is the Saxton Profit and Loss Loan?
A loan qualified from one prepared statement
The Saxton Profit and Loss Loan qualifies business owners from a twelve month profit and loss statement, so a well-documented set of books can stand in for tax returns.
The statement must be prepared by a certified public accountant, an enrolled agent, or a licensed tax preparer, and some options ask for a short period of supporting bank statements.
At one program, your preparer’s letter must confirm how long they have worked with you, your title, your ownership share, when the business started and that it is in good standing. The preparer also needs a valid PTIN and either at least a year of working with you or your latest filed return. Learn more about second home and investment property.
Why choose the Saxton Profit and Loss Loan?
Built for business owners whose accountant can document earnings faster than a tax return can.
Professional Practices
Medical, dental, legal, and consulting practices with books already in order.
Established Businesses
Two or more years of operating history documented in a single statement.
Seasonal Businesses
A full twelve month statement captures the slow months alongside the busy ones.
Owners With Clean Books
If your accountant already tracks it, the statement may be most of the work.
Second Home Buyers
Use the same documentation route for a vacation or secondary property.
CPA Prepared
A profit and loss statement from your accountant can stand in for tax returns.
Hear From Homeowners Like You
Frequently Asked Questions
Short answers on who prepares the P&L, the months it covers and what gets checked with it.
Saxton Mortgage does. At least one program we offer qualifies self-employed borrowers on a P&L alone, covering the most recent 12 months and completed, reviewed and signed by a CPA, an IRS enrolled agent, a CTEC preparer, or another registered tax preparer. Another option pairs the P&L with two months of business bank statements, and the deposits cannot be more than 20% below the monthly gross revenue on the P&L. Primary residences, second homes and investment properties are eligible.
A P&L-only mortgage at one program accepts a P&L completed and reviewed by a CPA, enrolled agent, CTEC preparer, chartered tax adviser or tax attorney. PTIN and ASFP preparers are not accepted for that option, and a P&L you prepare yourself is never accepted.
One program’s P&L-only loan uses a P&L covering your latest 12 months, and another program takes either 12 or 24. Choosing 24 there means the business must have been running for 24 months or longer, against 12 months for the shorter statement.
One program offers a P&L-only mortgage with no bank statements for loans as high as $2,000,000 when your score is 720 or more. Other versions pair the P&L with the two latest months of business bank records, and at one program those deposits may not fall more than 20% short of the P&L’s monthly gross revenue.
A P&L-only home loan is built on the P&L, but at one program your preparer must attest that they prepared your most recent tax returns. Another program drops that requirement if your two latest business bank statements show deposits equal to at least 80% of the P&L’s average monthly revenue.
Single-family homes, PUDs, condos, non-warrantable condos, 2-4 unit buildings and rural properties can all be financed with a P&L-only mortgage at one program. Townhomes are eligible there, but row homes are not. Owner-occupied, vacation and rental use are all allowed.
Yes, one program takes a CPA-prepared 12-month P&L for rental properties, with title allowed in a corporation or LLC. Rural rentals there cannot exceed 5 acres or be cash-out refinances.
One program sets the P&L-only mortgage floor at 660 when a CPA, CTEC or enrolled agent prepares the 12-month P&L. Another requires 700 for every borrower, and a third asks for 720 when no bank statements are provided.
Find out what you qualify for
Ask your CPA, EA or CTEC for your latest 12-month P&L and send it with your ownership records. We compare it across programs before we pre-qualify you.
Get Pre-Qualified*Loan amounts, rates, terms, and down payment requirements are subject to credit approval, income and asset verification, and program eligibility. Down payment and cash-out limits vary by occupancy, credit score, and documentation type. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.