Self-Employed Mortgages - No Proof of Income

You work hard, you make good money, you have a good credit history, you're independent, you're successful but you're self employed and you can't get a mortgage from the major banks.  Right?  Wrong?

Over 20% of Canadian income earners are self employed, business for self or are 100% commissioned.  With this large of a segment of the population working for themselves you would think the mortgage banks in Canada would take notice.  Well they have!  Finally.

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Most people in business write off expenses before declaring income.  That's the advantage of being in business for yourself.  You pay income tax on a lesser amount but when you need to prove income for a mortgage approval, your tax returns make it look like your income is low and you can't afford the mortgage you deserve.

Qualifying for a Low Documentation Mortgage (Low Doc or No Doc or Alt Doc) is easier than you think.  You can purchase a new property or re-finance your existing home up to 90% of its appraised value.  The lender bases their mortgage approval on your good credit history instead of your net income.

Requirements for an alternative low document mortgage:

  • A clean credit history without slow payments, collections, judgements or bankruptcies
  • Proof of self employed status for the last 2 to 3 years through Incorporation papers, GST returns or business registration papers
  • Property must be located near a major urban centre
  • The last 3 years Notice of Assessment (NOA) from Canada Revenue Agency to prove no tax owing
  • If your credit score is low you may be required to provide the last 12 months of bank statements to show regular deposits to prove your 'stated income'
  • No Income Mortgage?  You want to purchase a property or refinance your existing home but you have no income.  We can get you a mortgage approval for up to 75% of the property's appraised value with little or no income and less than perfect credit. 

    We regularly deal with equity mortgage lenders and non-conforming mortgage lenders.  We will take the time to work with unique situations and tough deals.

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