Self Employed? Can't prove your income?

NO INCOME QUALIFIER/STATED INCOME PROGRAMS

For many years, it was almost impossible for self employed people to get financing. They had to pay higher rates and jump through unpleasant hoops. Not so anymore! There are new programs that allow for alternative documentation to traditional lending requirements. These mortgages apply to business owners (both incorporated and sole-proprietors), consultants, contractors, and commission sales people.

Self Employed:

Applicants are required to demonstrate that they have been in business for at least two years. There are many ways to prove this, and you must provide one of the following:

• Audited financial statements
• Copy of business license
• Articles of Incorporation
• GST Return
• T1 Generals with Statement of Business Activities
  

You can buy a property with as little as 5% down payment. Your credit bureau must show a Beacon Score of at least 680. (For more information on credit, please go to our Credit, How Does it Really Work? page.)

There are other programs through mortgage companies and private lenders in which a client does not have to meet the above requirements. Interest rates are a bit higher, but you can still buy property with as little as 5% down. Please ask us for details.