Self Employed Mortgages with No Income
Self Employed Mortgages with No Income confirmation also called a low documentation, low doc, or Stated Income mortgages now available for new property purchases and refinances in BC It can no doubt be a little more challenging for self-employed individuals to qualify for a mortgage due to the amount of income they are able to verify. There are mortgage lenders in BC that understand that self-employed individuals have write-offs creating significant reductions in their declared net income. With these BC mortgage lenders, 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 Self Employed mortgage product also known as a stated income mortgage or no income mortgage, you can purchase a home or refinance your existing mortgage with as little as 10% down payment. You will receive the same low mortgage 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 income shown on your NOA will not have any effect on the applicant's mortgage approval. Our BC Self Employed Mortgage 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, GSTReturn etc.
Features
- Available for purchase and refinance
- Borrowers without traditional forms of income validation can access
- CMHC insured financing for purchase of up to 95% loan-to-value ratio
( 90% for refinance) for a 1 – 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
