Self Employed
Mortgages for the Self Employed – Business for Self (BFS)
All Self Employed Mortgages that are Insured get the Best Lowest Rates Available.
Mortgage financing for the self employed individual is quickly becoming a main stream product in a lenders shelf of product offerings. All products require a good credit score, and no prior bankrupts showing on your bureau. Some examples of people that may need to access these products are:
View CMHC Self Employed Simplified Guidelines HERE
View Genworth Self Employed Guidelines HERE
Salaried + commission
Commission only – (CMHC only – Genworth has discontinued)
Salaried + additional unclaimed (unverifiable) income – this may include: bartenders, waitresses, doormen, dancers, plumbers, electricians, finishing carpenters, etc. Any position that has a cash component to it that is not verifiable or claimed.
Self Employed as a sole proprietor or a corporation
Consultants and contractors
Real Estate Agents
There are many different products and each of them requiring specific documentation.
Some of these products available for the purchase or refinance of OWNER OCCUPIED PROPERTY Now include:
PURCHASE AN OWNER OCCUPIED HOME WITH ONLY 5% DOWN this product is insured by AIG, Canada’s newest insurer. Premiums do apply.
* Purchases wtih 10% down & Refinances up to 85% LTV with proof of 2 years self employed and , stated income allowed, insured via Genworth so this product allows for the lowest discounted rates; insurance premiums apply; up to a 35 year amortization.
* Newly self employed? Take advantage of CMHC’s Self Employed Simplified Program! As long as you are now self employed in the same industry or field that you used to work in for the previous two years, and can prove it, we can get you a mortgage with as little as 5% down, lowest discounted rates AND a 40* year amortization. *After October 13th, 2008 the maximum amortization will be 35 years.
* Purchases with 25% down will get you very competitive rates with NO fees, proof 2 years BFS and good credit required; up to a 35 year amortization available to keep your payments low as well.
* Purchases up to 80% LTV with only 20% down are also available without insurance; competitive rates and quick approvals.
For an evaluation of your individual situation, call Nikki today
