Self Employed Mortgages

Self Employed Mortgages in BC with no income

These are also called Stated Income mortgages now available for new property purchases and refinances in BC. It can no doubt be a little more challenging for people who own companies and business to qualify for a mortgage due to the amount of income they are able to verify. Most self employed individuals will write off as much as they can in order to save on taxes, thus reducing their net income. We understand the challenges you are faced with and work with differetn banks and private lenders in order to get your mortgage financing approved.

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As mortgage lenders in BC we understand that self-employed individuals have write-offs creating significant reductions in their declared net income. You are NOT required to prove your income and a reasonable estimate of your annual income is acceptable (based on the nature and length of your business.)

With this new product also known as a stated income mortgage or no income mortgages, you can purchase a home or refinance your existing mortgages with as little as 10% down payment (20% on refinances). You will receive the same low rate as an income qualified borrower in most cases.

A Notice Of Assessment otherwise known as a NOA may be required only to show no personal income taxes are owing to CRA.

The net income shown on Line 150 of your Notice of Assessment will not have any effect on the applicant’s approval.

Our lenders require that you be able to prove that you have been in business for self, for at least 2 years, by providing one of the following:

Articles of Incorporation, Business License, GST Return etc.

Features

  • Available for purchase and refinance
  • Borrowers without traditional forms of income validation can access
  • CMHC insured financing for purchase of up to 90% loan-to-value ratio( 80% for refinance) for a 1 or 2 unit owner-occupied property
  • Borrower’s income tax payment status: lender simply has to ask borrower if their income taxes are current, no documentation is required for borrowers who have difficulty providing traditional third party income validation
  • Flexible financing options – single advance, progress advances and extended amortization periods are available
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We also work with a wide variety of bad credit lenders and private lenders that offer different programs that fit almost every situation, even if your self employed!.

When the Bank says "NO", We say "YES".

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Approvals in 24 Hours

Apply Now 604-980-5459