Government
FHA Profit & Loss Only in Richmond, VA
Looking for the best FHA Profit & Loss Only in Richmond, VA? Our local team specializes in helping Richmond residents secure competitive financing. Whether you're buying in The Fan or Church Hill, we have the expertise to guide you.
Key Facts About FHA Profit & Loss Only
CMRE FHA loans require a minimum down payment of 3.5%.
FHA loans from CMRE accept FICO scores as low as 580.
CMRE FHA mortgages include upfront and annual mortgage insurance premiums.
FHA loans at CMRE allow seller concessions up to 6% of the purchase price.
CMRE processes FHA loans for single-family homes, condos, and 2-4 unit properties.
CMRE is an approved government lender for FHA Profit & Loss Only.
CMRE offers VOE-only and P&L options for FHA Profit & Loss Only.
CMRE closes FHA Profit & Loss Only in 25-35 days.
Program Benefits
Simplified qualification process for self-employed individuals using Profit & Loss statements.
Backed by the Federal Housing Administration (FHA), providing added security and stability.
Competitive interest rates, starting at 6.25%, making homeownership more accessible.
Lower down payment options compared to conventional loans.
Ideal for borrowers with non-traditional income sources.
Helps you achieve homeownership with a minimum FICO score of 580.
Program Highlights
Max LTV
96.5%
Min Credit Score
580
Max DTI
55%
Loan Amount Range
$100K - $2M
Amortization Options
Eligible Properties
- Single Family
- Townhouse
- Condo
Program Requirements
Income Documentation
- •Two years of Profit & Loss statements required.
- •Business license or documentation of self-employment.
- •Verification of business existence and operations.
- •Stable or increasing business revenue trend preferred.
Asset Verification
- •Sufficient funds for down payment and closing costs.
- •Bank statements to verify asset availability.
- •Documentation of any large deposits.
- •Reserves typically equivalent to 1-3 months of mortgage payments.
Insurance & Title
- •Homeowners insurance policy required.
- •Flood insurance may be required depending on the property's location.
- •FHA Mortgage Insurance Premium (MIP) is mandatory.
Property Requirements
- •Minimum FICO score of 580 required.
- •Review of credit history for any significant delinquencies or derogatory marks.
- •Demonstrated responsible credit behavior.
- •May require explanation for past credit issues.
FHA Profit & Loss Only in Richmond: The Complete Guide
What Is FHA Profit & Loss Only?
FHA Profit & Loss Only loans are designed for self-employed individuals who may not have traditional income documentation. Instead of relying on W-2s and pay stubs, these loans allow borrowers to qualify based on the profitability of their business as reflected in their Profit & Loss statements. This can be a game-changer for entrepreneurs and freelancers seeking to purchase a home.
Eligibility for FHA Profit & Loss Only
- •Eligibility depends on the specific agency requirements (FHA/VA/USDA).
- •FHA: primary residence, meets HUD property standards, 580+ FICO (500 with 10% down).
- •VA: eligible military service or surviving spouse status, no down payment.
- •USDA: eligible rural area, income limits apply.
- •CMRE evaluates your situation and recommends FHA Profit & Loss Only or alternatives with lower total cost.
CMRE Specialty Programs for FHA Profit & Loss Only
- •VOE-Only FHA: qualify with employer verification only — no pay stubs or tax returns.
- •P&L FHA: CPA-prepared profit & loss for self-employed qualification.
- •FHA Streamline: refinance with no appraisal, no income verification.
- •VA IRRRL: streamline refinance for veterans with minimal documentation.
- •CMRE processes government loans faster than industry average.
Apply for FHA Profit & Loss Only with CMRE
- •Step 1: CMRE determines eligibility and provides rate estimate.
- •Step 2: Documentation varies by program (standard, VOE-only, or P&L).
- •Step 3: Pre-approval within 24 hours.
- •Step 4: Government appraisal and underwriting coordinated by CMRE.
- •Step 5: Closing in 25-35 days from application.
Current Mortgage Rates
30-Year Fixed Rate
6%
as of 3/5/2026 · FRED
15-Year Fixed Rate
5.43%
as of 3/5/2026 · FRED
Rates are national averages and may differ from your actual rate. Contact us for a personalized quote.
Get Your Rate →FHA Profit & Loss Only in Richmond, VA
Richmond VA mortgage lending. Conventional, FHA, and VA programs for Central Virginia. Custom Mortgage & Real Estate specializes in providing high-fidelity FHA Profit & Loss Only solutions tailored to the unique economic landscape of Richmond and the surrounding Richmond City.
Our FinTech-driven approach allows us to offer competitive rates and streamlined processing for homeowners and investors across the entireRichmond metropolitan area.
Service Areas & Neighborhoods
Our Richmond Presence
Local Knowledge. Global Rates.
16501 Ventura Blvd STE 400
Encino, CA 91436
Direct Line
877-976-5669Common Questions About FHA Profit & Loss Only in Richmond
What are current FHA Profit & Loss Only rates in Richmond, VA?
FHA Profit & Loss Only rates in Richmond depend on loan amount, credit profile, and property type. CMRE publishes updated Richmond rate ranges daily and provides locked quotes within 24 hours of application.
How long does FHA Profit & Loss Only closing take in Richmond?
CMRE typically closes FHA Profit & Loss Only loans in Richmond within 21-30 days from application. Pre-approval takes 24 hours, and our VA-licensed team coordinates title, escrow, and appraisal concurrently to save time.
What are FHA/VA loan limits in Richmond City?
FHA and VA loan limits in Richmond City are set annually by HUD and the VA. CMRE's Richmond team can confirm your current county limit and help you maximize your purchasing power within VA guidelines.
Do I need to be a veteran for FHA Profit & Loss Only in Richmond?
VA loans require veteran status or active military service. For non-veterans in Richmond, CMRE offers FHA and USDA government-backed programs with similarly competitive rates and low down payment requirements.
Application Process
Six simple steps from application to funding
Application
Complete our streamlined online application form with your financial information
Document Review
Submit required documentation for verification and processing
Pre-Approval
Receive conditional approval and loan terms based on your profile
Title & Escrow
Open escrow and complete title search and insurance requirements
Appraisal & Final Review
Property appraisal completed and final underwriting approval received
Funding
Sign final documents and receive your loan funds
Application
Complete our streamlined online application form with your financial information
Document Review
Submit required documentation for verification and processing
Pre-Approval
Receive conditional approval and loan terms based on your profile
Title & Escrow
Open escrow and complete title search and insurance requirements
Appraisal & Final Review
Property appraisal completed and final underwriting approval received
Funding
Sign final documents and receive your loan funds
Why Choose Custom Mortgage?
Your trusted partner in real estate financing
Extensive Experience
Over 25 years of proven expertise in mortgage lending and real estate financing
Comprehensive Loan Options
Wide range of programs from conventional to specialized non-QM and hard money solutions
Nationwide Coverage
Licensed in multiple states with the ability to fund loans across the country
Flexible Solutions
Customized financing options for unique situations that traditional lenders decline
Competitive Rates
Access to wholesale pricing and volume discounts passed directly to our clients
No Upfront Fees
Transparent pricing with no application fees or upfront costs to get started
Frequently Asked Questions
It's a mortgage program backed by the Federal Housing Administration (FHA) that allows self-employed borrowers to qualify using their business's Profit & Loss statements instead of traditional income verification methods.
The benefits include simplified qualification for self-employed individuals, lower down payment options, and competitive interest rates, making homeownership more accessible.
A minimum FICO score of 580 is required.
The loan range typically falls between $100,000 and $2,000,000, depending on your financial situation and property value.
FHA: 580+ (500 with 10% down). VA: no official minimum (generally 580-620). CMRE evaluates each case.
Most government programs require owner-occupancy. VA allows multi-unit (up to 4) if you live in one.
FHA: $498,257-$1,209,750 by county. VA: no limit with full entitlement. Contact CMRE for your county.
Yes. CMRE's VOE-only and P&L specialty programs make government loans accessible to self-employed.
FHA Profit & Loss Only by Location
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Success stories from families and investors across the nation who achieved their goals with CMRE.
"I've been working with Custom Mortgage and Real Estate for over five years now, and they've totally helped me get through a bunch of tricky transactions. Their team is super helpful all the way through, making sure everything goes off without a hitch. I seriously recommend Custom Mortgage to anyone who needs financing or a solid real estate broker."
RENE M
"I just worked with Custom Mortgage and Real Estate, and seriously, I can't recommend them enough. They have helped my family and me with a bunch of transactions, always receiving results that nobody else could. Their team is super responsive and really experienced, which made everything go through smoothly with no stress at all."
ARTHUR G
"As an investor in real estate and an agent, I totally count on Custom Mortgage and Real Estate for my deals since they've got loads of experience. They have these unique programs that I just can't find anywhere else, and it really gives me an advantage. After researching a number of companies, the offers from Custom Mortgage were the best out there."
