The Gateway Self-Employed Mortgage™
A mortgage solution for your self-employed clients unable to secure financing with a traditional bank.
The Gateway Self-Employed Mortgage is the best option for your self-employed clients who have traditional proven income. With a lower qualifying beacon, this mortgage product offers a solution to your self-employed clients who may be dealing with credit issues or a consumer proposal or bankruptcy situation.
If your deal doesn’t fit this criteria, check out our other self-employed mortgage option.
- 580+ for primary borrower
- 550+ for co-borrowers
- Discharged from bankruptcy for minimum 12 months with re-established credit
- Consumer proposals considered (must be discharged or paid out from proceeds)
GDS / TDS
- Maximum of 45% GDS / 50% TDS
- Up to 80% (maximum for primary financing or primary plus secondary financing)
- Up to 30 years
- 10% must be from own resources; 20% minimum
- See our list of approved down payment sources
- Marketable, owner-occupied properties
- Second and vacation properties
- See our list of accepted income docs
- Additional product information
Additional product information
Bridgewater Bank Gateway mortgages can be used for purchases, refinances or equity take outs. Our mortgages are available in 1 year, 2 year and 3 year terms.
Prepayment privileges* are available. Up to 20% of loan amount (minimum of $500) can be paid once a year on the anniversary date of mortgage (unused portion cannot be carried forward).
We also offer a 3-2-1 PAYOUT*. We recognize that Gateway Mortgages aren’t forever and your client may need to leave early. Our 3-2-1 payout is simple to understand with no complicated formulas. It’s as easy as 1, 2, 3! Early payout amounts are based on which year of the mortgage the customer is in:
- Year 1 = 3% of remaining balance
- Year 2 = 2% of remaining balance
- Year 3 = 1% of remaining balance
*Certain conditions may apply.
Visit our Gateway product standards page for full details that apply across all Gateway alternative lending products.