Proving self-employment income, and income stability for the years to come, can be difficult for new business owners.

Many Canadians have successful small business ventures and would not trade the lifestyle for anything in the world. However, many may begin to question their lifestyle and business choices when they first attempt to obtain financing for their home, or even something as simple as a new credit card or vehicle. The nature of self-employment income can sometimes leave the self-employed looking like poor credit risks, even though they may actually have a more stable source of income than those who are working 9 to 5 for an employer.

Thankfully, Canadian mortgage lenders are starting to understand the importance of self-employment in our culture, and are making great mortgage programs available to the self-employed to finance their primary residence and even their vacation homes.

Licensed mortgage professionals are experts at assisting self-employed individuals with getting a mortgage, and they will ensure you get the best mortgage available through one of Canada’s largest lenders.

Obtaining a mortgage if you’re self employed has never been easier, and you will be excited to learn that the mortgage products available today are structured to help you succeed in your business and your personal life.

Self Employed Solutions

Business For Self Alt A Program:

This self employed program is for borrowers who have at least 10% down and less than 20%.   The program allows borrowers to reasonably state their income on their mortgage application.

  • 10% Down Payment – At least 5% must be from own resources.
  • Minimum 2 years self-employed business ownership (Sole Proprietor, Partnership or Incorporated)
  • Income can be stated based on reasonability of the business.
  • All income taxes for all years must be filed and paid.
  • Higher Mortgage Insurer Premium.
  • Commissioned salespeople are ineligible for this program.

Stated Income Programs “B” Lenders”

Stated Income programs are offered by many our our alternative lenders.  These lenders typically will require 20%-25% Down payment and are much more flexible with borrowers credit and are usually more generous for allowing larger stated incomes.   With alternative solutions, one really needs to do an apples to apples comparison with respect to rates, terms, and real hard costs.  It is important that borrowers don’t get discourage by the fees and higher rates.   Many, many times this solution will put borrowers further ahead than traditional banks and credit unions.

  • 20% Down Payment (a portion may be borrowed)
  • Lender & Broker Fees 1%-3% of mortgage amount
  • No minimum credit score
  • Minimum 3 months self-employed
  • Competitive interest rates but higher than most banks and credit unions.

If you are a sole proprietor, partnership or corporation, we can help!    Please complete the contact form below.

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