Self-Employed Mortgage Solutions

Getting Around Claimed Income. 

It doesn’t matter your line of work, being self-employed and running your own business may make it challenging to qualify for a mortgage.

As a self-employed borrower, you may not have the proper proof of income that is currently required to satisfy income and employment requirements set by major banks. Therefore,  you may face some challenges.

What do banks require?

Most banks require self-employed borrowers to have the following: 

1. Excellent credit history.
2. Report their full income for the last two years on their income taxes and T1 Generals which also note their Statement of Business and Professional Activities.
3. Sufficient income claimed on Line 150 of their Notice of Assessments in order to qualify for the best interest rate and support the amount of mortgage loan they require.
4. Have had to been in business for at least 24 months in order for your income to qualify.

We have the solution in case you don't have enough claimed income to qualify. 

The good news is as experienced mortgage brokers, we work with lenders who do not require you to fit into such strict guidelines in order to qualify for a competitive mortgage rate. We make it easier for self-employed borrowers who are operating their business to obtain mortgage financing.

Stated Income Programs

We also offer stated income programs which are available through Canada Mortgage and Housing Corp. and Canada Guaranty. Under the stated income program, income is based on "reasonability" and not on what is claimed on income taxes. Usually only a Notice of Assessment is required for the past one year to show there are not any outstanding income taxes owing to the Canada Revenue Agency. 

• Stated income programs are available for purchases with as little as a 10 per cent down payment. 
• Commissioned Sales People DO NOT qualify. See below. 

If stated income programs are not possible, we also offer alternative loans which do not require income documentation but can rely on other means of verification such as bank statements, contracts, invoices, etc. We also offer extremely competitive mortgage interest rates. 

If you are refinancing your property, we can work with you to obtain a home equity loan with minimal income verification. 

Start your mortgage application today. Call us directly at 647-773-4849 or Apply Online.

Genworth's Business For Self Alt-A Program

Genworth's stated income program is designed for self-employed borrowers who do not have the proof of traditional income but do have a 18-month to 2-year track record of managing their credit and finances responsibly. In other words, they must have a strong credit score, usually above 680. Borrowers should be able to confirm their annual income and business revenue which should be reasonable based on their business or industry. 

Download Fact Sheet (PDF) 

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