Maximize Home Buying with Profit and Loss Loans
Did you know that 20% of the business we handle at Cross Country Mortgage revolves around jumbo loans? But here's the kicker: non-QM loans, or those that don't quite fit into the traditional mold, are on the rise. In fact, we've been doing more of these specialty loans recently than ever before. It's essential for us to stay informed about these programs, share the knowledge within our networks, and, in turn, attract more business to keep our pipelines thriving and our clients happy.
So, what's the deal with Profit and Loss Loans? Well, they're tailor-made for self-employed individuals who can provide a P&L (Profit and Loss) statement. This document serves as a powerful tool for loan qualification. Here are some key points to remember:
- 20% down payment
- A credit score as low as 660 is acceptable
- Loan amounts go as high as three and a half million
- Suitable for primary residences, secondary homes, and investment properties
Who should you talk to about these fantastic options? Start with your self-employed clients, your CPA referral sources, and your financial plan referral sources. These professionals deal with clients facing unique challenges, and offering them such solutions can be a game-changer.
If you're looking to make a significant impact in the world of home financing and empower your clients, Profit and Loss Loans are a fantastic way to do it. If you have any questions or need assistance in navigating this exciting new opportunity, don't hesitate to reach out.
Stay tuned for more valuable insights, and I can't wait to catch up with you soon. Have an amazing day!