It doesn’t matter your line of work, being self-employed and starting a business may make it challenging to qualify for a mortgage.
As a self-employed borrower, you may not have the proper proof of income required to satisfy income and employment requirements set by the six banks. Therefore, you may face some challenges.
What do banks require?
Most banks require self-employed borrowers to have the following:
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.
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
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411 Queen St.
15 Wertheim Court, Suite 210
Richmond Hill, Ontario
Sarah A. Colucci, Mortgage Agent Lic. M14000929
Mortgage Edge, FSCO Lic. 10680