Self Employed
The self employed category of people are vastly growing in Canada. In past years it was tough for self employed individuals to obtain a mortgage as they found it difficult to supply documentation to verify income. Lenders and insurers have recognized this growing area and have built programs that cater to self employed individuals.
Under 35% Down Payment
CMHC offers a self employed simplified program that helps streamline the mortgage approval process and allows self employed individuals obtain competitive interest rates. Some of the key features are...
| Available for purchase and refinance |
| Self-employed borrowers with documentation to support their income have access to all existing 1 – 4 unit CMHC Mortgage Loan Insurance products subject to the same product criteria and insurance premiums as salaried borrowers |
| Borrowers without traditional forms of income validation can access CMHC insured financing for purchase of up to 95% loan-to-value ratio (90% for refinance) for a 1 – 2 unit owner-occupied property |
| Borrower's income tax payment status: lender simply has to ask borrower if their income taxes are current, no documentation is required for borrowers who have difficulty providing traditional third party income validation |
| Flexible financing options - single advance, progress advances and extended amortization periods are available |
Over 35% Down Payment
If you have access to a down payment of 35% or higher, there are programs offered by lenders that relieve any formalized verification of documents. As long as your income is justifiable, you can state income to qualify for your mortgage. Most lenders will want to see your most recent Notice Of Assessment to ensure taxes are paid up to date.
If you are self employed or having trouble coming up with documentation that verifies your income and would like to purchase a home, please call me to find out more information about these products.