Mortgages

mortgages

Self Employed Borrowers

As a self-employed professional, your financial situation is unique—but that doesn’t mean getting a mortgage has to be difficult. At Your Mortgage Needs, we specialize in helping self-employed borrowers secure the financing they need, even if their income doesn’t fit the traditional mold.



Common Questions About Mortgages for Self-Employed Borrowers

1. How is income verified for self-employed borrowers?

• Unlike salaried employees, lenders often require documents like Notice of Assessments (NOAs), T1 Generals, business financial statements, or bank statements to verify income.

1. Can I qualify for a mortgage with fluctuating income?

• Yes, lenders can average your income over the past two years to account for fluctuations. Alternative lenders may also offer flexible options.

1. What is the minimum down payment required?

• Just like traditional borrowers, self-employed individuals need at least 5% down for homes under $500,000 and more for higher-priced properties.

1. What if my declared income is low due to business expenses?

• Many lenders use stated income programs, which consider your ability to repay the mortgage based on business cash flow rather than just declared income.

1. Are there any specific programs for self-employed borrowers in Canada?

• Some lenders offer tailored programs like BFS (Business For Self) mortgages, which cater to entrepreneurs and small business owners.

We’ll help you navigate the process, ensuring your hard work as a self-employed professional translates into homeownership without unnecessary stress.