Are you self employed and having trouble proving your income on paper?
This program is designed for self-employed borrowers who are unable to provide traditional income verification but have a proven 2-year history of managing their credit and finances responsibly.
Eligible borrowers typically own a small size business for a minimum of two years, which can be confirmed via a third-party arms length document. In addition, the borrower is required to declare their annual income, which should be reasonable based on the industry, length of operation and type of business.
Borrower Qualification
- The income reported by the borrower must be reasonable based on the industry, length of operation and type of business
- Strong credit and credit score with minimum 2 trade lines with at least two 2 years history, minimum credit score of 650
- No mortgage, installment or revolving credit delinquencies appearing on the credit bureau in the past 12 months
- No reported defaults on residential mortgages for the past 7 years
- No previous bankruptcy
- Minimum 10% down payment, 5% must be from the borrowers own savings. The remainder may be gifted from an immediate family member. Borrowed down payments are not permitted.
- Borrowers with commission income are ineligible
- Lender to ensure borrower(s) have no tax arrears
Documentation Requirements
Any one of the following must confirm at least two (2) years business-for-self tenure:
- Business License
- GST/HST Return Summary
- T1 Generals with statement of business activities attached for a minimum 2 years prepared by an arm’s length third-party
- Audited Financial Statements for the last 2 years, prepared and signed by a CA
- A recent Notice of Assessment or a signed affidavit by the borrower(s) to confirm no income tax arrears
Getting Started
The first step to acquiring a mortgage as a self employed person is to fill out our online mortgage application. Once you complete this form one of our mortgage brokers will contact you to complete your approval. Click APPLY NOW below to get started!