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Old 10-27-2014, 12:58 PM   #1
Mortgage Made Easy
Crash and Bang Winger
 
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Join Date: Sep 2014
Location: Calgary, AB
Exp:
Default Self-Employed Mortgage

To all the entrepreneurs on CP, what has your experience been like so far in terms of your mortgage?

Being Self Employed has its (tax) benefits. However, the same write offs that reduce your taxable income, may
also make Mortgage Approval challenging.

As of May 29th less than 2 years as an entrepreneur and for those that cannot prove traditional sources of
income. If you're looking for a Mortgage in Calgary, we have developed strategies and have access to a
wide array of resources including Private Mortgage Lenders that are available to help you materialize your objective.

There are 2 main avenues for self-employed borrowers to qualify with lenders, obtaining prime market rates.
  • “Verified Income” – Ability to prove traditional income (ie. Using 2-year average of income from NOA’s... etc)
  • “Stated Income” – Unable to prove traditional income (ie. Income reported on NOA’s too low to qualify for financing)

Maximum mortgages apply:
  • Verified Income: No Maximum
  • Stated Income: Maximum of $750,000 (some conditions apply)

Minimum down payment is different with:
1. Verified Income: minimum of 5% down payment
2. Stated Income: minimum of 10% down payment

Mortgage Default Insurance (CMHC, Genworth and Canada Guaranty), a premium applies for when down payments are less than:
1. Verified Income: 20% down payment
2. Stated Income: 35% down payment
3. Note: Amortization up to 35 Years are still available with 20% or more down payments/ equity.

As mentioned above, if you do not fit the above 2 scenarios, there are other options available.

Click here to read about the effects of even tighter mortgage rules for self-employed applicants.
__________________
Thanks,
Tim
Mortgage. Made Easy Experts
Kardia Mortgage Inc
www.TimLacroix.com

If you have any questions please feel free to PM me or email puckforum@cgymortgage.com

Click here to View current Mortgage Rates


Last edited by Mortgage Made Easy; 10-27-2014 at 03:47 PM.
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