PROFIT AND LOSS AND VOE ONLY MORTGAGE FLORIDA

Purchase or Refinance:

• No bank statements
• No tax returns
• No 1099’s
• No W2’s
• Max DTI (debt-to-income) ratio 49%
• Gift funds allowed

Property Type:

• Single Family Residence
• 2 Units
• 3 Units
• 4 Units
• PUDs
• Condo
• Primary Residence, Second Home and Investment Properties

Purchase or Refinance:

• Minimum credit score 660
• Purchase & rate/term refinance up to 80% LTV
• Cash-out refinance up to 75% LTV
• 7/6m ARM or 30 year fixed
  
• Minimum 6 months reserves required
• Interest only option available

What is a profit and Loss Statement (P&L)

A Profit and Loss statement, often referred to as an income statement, provides a summary of a company’s revenues, costs, and expenses during a specific period. We use this document to assess the borrower’s financial health and ability to repay the loan.

Verification of Employment (VOE)

Verification of Employment is a process wherein the lender verifies the borrower’s current and past employment details. This helps lenders evaluate job stability and income consistency.

Eligibility Criteria

Typically requires a minimum 660 credit score, a certain level of income stability, and a history of employment.

Benefits of P&L/VOE Only Loans

Speedy Approval

Due to the simplified verification process, Profit &Loss/VOE Only loans often have quicker approval times compared to conventional loans, making them ideal for urgent financial needs.

Lower Interest Rates

Depending on your financial stability and employment history, you may secure P&L/VOE Only loans with competitive interest rates.

Business Growth

For businesses, P&L/VOE Only loans can be a catalyst for growth, providing the necessary capital without the burden of excessive credit scrutiny.

Applying for a P&L/VOE Only Loan

Gather Documentation

Start by collecting essential documents, including your Profit and Loss statement, employment verification documents, and any other financial records the lender may require.

Submit Your Application

Complete the loan application and submit it to Mortgage-World.com. Ensure that all required documents are included.

Await Approval

After submission, we will review your application and verify the provided information. The approval process timeline varies but is generally quicker than traditional loans.

Receive Funding

Once your application is approved, the lender will disburse the funds to your designated account, allowing you to use the funds as needed.