Self-Employed Mortgage Programs
There are many different mortgage programs designed for self-employed Canadians, including flexible options for new and growing businesses. If you’re unsure which program fits your situation, I’m here to guide you and make the process simple.
- Big Banks, Credit Unions & Other Lenders
- Many Mortgage Programs Built For Self-Employed Canadians
- Incorporated, Sole Proprietor & Contract
New Business
Even if you’ve been self-employed for less than two years, you may still qualify for a mortgage. Some lenders offer flexible programs for newer business owners, especially if you have strong industry experience or stable income with as little at 5% downpayment.
>> New Business
Income Add-Back
Income add-backs allow some lenders to recognize more of your self-employed income by adding back certain eligible business expenses. When properly used, they can increase your qualifying income and the mortgage amount you may be approved for.
>> Income Add-Back
Bank Statement Mortgage Programs
Our bank statement mortgage options use 6–12 months of business bank statements to verify real business cash flow.
This is ideal for business owners with strong deposits but low net income showing on their personal tax returns due to tax write-offs who also have a minimum of 20% downpayment.
>> Bank Statement Program
Income Gross-Up
Income Gross-ups are a tool some lenders use to increase the amount of self-employed income we can use on your mortgage application. When used properly, income gross-ups can increase the amount you qualify for for your next mortgage.
>> Income Gross-Up
Stated Income (Insured)
We work with lenders offering Business-for-Self insured programs that allow self-employed borrowers to qualify with simplified income verification, strong credit, and a reasonable estimate of business income with as little as 10% downpayment.
>> Stated Income (Insured)
Alternative Programs
"B" mortgage programs can be a fantastic option for self-employed clients because they look at your situation more flexibly than traditional banks. Often times these programs are offered by "AAA" lenders, allow higher debt-service ratios, consider alternative income documentation, and are comfortable with lower credit scores — This often means you can qualify for a much larger mortgage amount than you would with a traditional "A" lender program.
>> Alternative Programs