Arthur and June are performers who have lived in Europe for the past year. When their daughter was born, June decided to take a break from performing but Arthur was still performing full-time. They sold their home in London to make the move to California to be closer to family and planned to use the proceeds of their home sale for the down payment. Like most contractors, he did not have any pay stubs or W2s to determine his income and he did not qualify for a traditional mortgage by himself. Unfortunately, Arthur could not find any co-signers who qualified and needed an alternative solution that would not involve any income documents either.
The best program for Arthur was a stated income loan. To complete the loan application, he will only need to provide one bank statement; no tax returns, pay stubs, or W2s were needed. Although the rate may be slightly higher with this program, Arthur said it was a fair trade-off since he was able to get the home of his dreams in return.
Learn more about Stated Income Loans HERE