We still have mortgage options for self employed clients!

Even though CMHC deleted its program for self employed clients, we still have mortgage options for self employed clients who state their income. Canada Guaranty, another mortgage insurer in Canada still offers a program for self employed called Low Doc Advantage™ (business for self)

Low Doc Advantage 

• Self-employed borrowers, with a strong credit profile, continue to qualify using non-traditional income verification provided the income is consistent with the borrower’s profession and industry.

A few of the requirements to note are:

• Self-employed for a minimum of 2 years.
• Commission sales income is not eligible under this program.
• No delinquencies in the past 12 months.

• No mortgage defaults in the past 5 years or previous bankruptcy.
• No income tax arrears.
• Income must be consistent with the borrower’s profession and industry.
• Self-employed borrowers must be the primary business owner.
• Minimum 10% down payment, of which 5% must come from borrower's own resources. Remainder may be gifted from an immediate family member.
• No borrowed down payments permitted.

Call us today 1 877 638-3688 to discuss your mortgage!

ZANDERS & Associates Mortgage Brokers Inc.