If you do not have a W-2, it can be hard to apply for a home loan the traditional way. You may have already tried explaining your situation to big banks and other lenders, only to find that there is no system in place to help you. But when you apply for a home loan through Bridgeport Funding, you do not need a W-2.
If you work for yourself, you are eligible to apply for a stated income loan.
We know that those with non-traditional income situations can have a challenging time pulling together the documentation to prove their income. Not only that, but that documentation may not tell the whole story.
With a stated income loan, you simply state an income figure when you apply and provide us with bank statements to back it up. For this reason, a stated income loan may also be referred to as a “bank statement loan.”
There is no need to show us a W-2 or tax return.
Many people with non-traditional income situations are able to apply for bank statement loans in Walnut Creek, including those who are:
You may refer to yourself another way. That is perfectly okay. If you work for yourself, you can use a stated income loan.
Stated income loans may also be appropriate if your income fluctuates throughout the year, you are newly hired for a job but haven’t started, or you have a situation where your debt-to-income ratio doesn’t accurately represent your situation (i.e. you are a real estate investor).
With a stated income loan, you can enjoy the following conveniences:
You need not bring a W-2 or tax documents to prove your income.
With less documentation to furnish, you can apply more rapidly for financing.
You can apply for a loan through a simple, streamlined process suited to your needs.
Whether you are located in Walnut Creek, Martinez, Concord, Pleasant Hill, Alamo, Danville, San Ramon, Orinda, Moraga, Lafayette and all throughout California we can help you with your lending needs.
Big banks may tell you that you need a W-2 to apply for a mortgage, but that is not true when you work with Bridgepoint Funding. If you are ready to apply for a bank statement loan without a W-2, please call (925) 478-8630 to get started.
Bridgepoint Funding is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.
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Bridgepoint Funding is committed to protecting the health and safety of our team members and community. As the situation with COVID-19 continues to unfold, we have taken precautions and moved our operations to 100% remote working. Rest assured that this transition has no effect on the level of service that you have come to expect of Bridgepoint Funding. We are here to serve you.