There are opportunities for those that are self-employed to qualify for a mortgage. As a mortgage agent, we have various lending partners to pick from, and each of those partners have different criteria. We review each person’s request individually.
The following is an example.
Solutions for borrowers with stated income less than a 2 year track record.
Just one of our Lenders criteria:
These solutions are suitable for borrowers who are self-employed for less than two years or who earn commissions or bonuses that cannot be documented for two years. Borrowers stating their income from any reasonable source, including full-time or part-time employment are eligible. A Notice of Assessment (NOA) is not always required.
• Fully documented verifiable income or,
• Self-declared income letter, and one of (in order of preference):
• NOA not more than 2 years old
• Accountant prepared financial statements or T1 Generals
• Accountant’s letter
• 3 – 6 month’s bank statements
• Any one of the above may also need to be supported by copies of contracts or sales orders or a business licence
• Evidence that income taxes are paid current (NOA, Accountants’ letter or T1 Generals