Jumbo Profit And Loss

Jumbo Profit And Loss Jumbo Florida Mortgage Lenders

You’re probably searching for how to qualify with profit loss for income, qualifying your income using a profit and loss statement is the lower of the 12-month profit and loss statement (P&L) or monthly income disclosed on the initial signed Florida Jumbo mortgage application. Self-employed Borrower(s) only. Self-employed Borrower(s) who file their tax returns are NOT eligible

Most recent 12-month Profit & Loss statement (P&L). The P&L end date must be less than sixty (60) days old at the closing.
✓ All Profit & Loss statements must be completed by an independent CPA/EA/CTEC
✓ The CPA/EA/CTEC prepared P&L must be signed by both the Borrower and CPA/EA/CTEC
✓ CPA/EA/CTEC must provide attestation that they prepared Borrower’s tax returns and that they are not related to the Borrower or associated with Borrower or Borrower’s business
✓ The CPA/EA/CTEC must attest that they have performed either of the following functions:
o Audited the business financial statements
o Reviewed working papers provided by the Borrower
✓ Credit file must contain documentation that the CPA/ CTEC license is verified and active. A screenshot of the IRS website for an IRS Enrolled Agent (EA) is acceptable
✓ Borrower narrative on the nature of the business required
✓ An internet search of the business is required with documentation to be included in the credit file to support the existence of the business
✓ Employment verification documentation must be consistent with information on the loan application and Borrower’s credit report
✓ Verification of business existence and that the business is fully operational/active required within ten (10) calendar days of closing