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Mortgages for the Self Employed
Your a self starter, very ambitious and enjoy the freedom of working for yourself. Your success is in your control. Being self employed is a something you are proud of, until you go to your bank and ask for a mortgage!
"Most banks offer a very 'Limited Selection' of mortgage products for the self employed, No After Banking Hours Service, and they don't really understand the fact that write-off's do not reflect your True Earning Ability"
As your Mortgage Specialist - I can assure you...
There are many types of employment or businesses in which people receive income that is completely or partially un-documented. If you fit into one of there categories there is a solution for you:
Institutions have designed No Income Qualifier (NIQ) - or Stated Income Programs
These mortgages do not require verification of income. All the borrower
needs to do is to provide a copy of their Notice of Assessment to prove
that they do not owe the government back taxes.
Purchase with a down payment as low as 5%
With mortgage insurance from CMHC or Genworth, the self-employed
borrowers who may have difficulty providing third party validation of their
income to realize their dreams of homeownership. Self-employed
borrowers and commissioned sales persons who have a proven track record
of managing their debt, and who have worked (either as employee or
self-employed) a minimum of two years in the same type of work may be
eligible to obtain an insured mortgage.
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