About
Welcome to Grace Modern Mortgage! As you journey through our website, you'll discover a wide range of mortgage options designed to meet various home buying needs. For self-employed individuals or business owners, one of our offerings that might be especially relevant is our Profit and Loss (P&L) Loan.
A P&L Loan is a type of mortgage where the lender evaluates your ability to repay the loan based on your business's profit and loss statement. This can be an excellent option for those with non-traditional income sources or who have a difficult time providing standard income documentation. Here's what you should know about P&L Loans:
Designed for the Self-Employed: P&L Loans are specifically tailored for self-employed individuals, contractors, or business owners whose income may not be accurately reflected by traditional income documentation.
Use of Profit and Loss Statements: Lenders will review your business's profit and loss statements to verify your income, making the process more straightforward if tax returns or W-2s are challenging to produce.
Flexible Debt-to-Income Ratio: P&L Loans often allow for a higher debt-to-income ratio, providing more flexibility for borrowers with significant business expenses.
Variety of Property Types: P&L Loans can be used for primary residences, second homes, and investment properties, offering versatility based on your needs.
Various Loan Options: These loans come in a variety of forms, including fixed-rate loans and adjustable-rate loans, so you can choose the one that best suits your needs.
Now that you're familiar with the benefits of a P&L Loan, it's time to take the next steps. Our team at Grace Modern Mortgage is here to assist you.
We invite you to Book an Appointment with one of our skilled loan officers. They will delve into your unique circumstances, answer any questions, and help determine if a P&L Loan is the best fit for your home buying goals.
Eager to get started on your journey to homeownership right away? Click the Apply Now button to complete our simple online application form. It's the first step towards securing your dream home.
At Grace Modern Mortgage, we're committed to providing a seamless mortgage experience. Let's embark on your home ownership journey today!