Self Employed - First Time Home Buyer
Owen Langis with Mortgage Connection helps self-employed first-time home buyers navigate the home buying process and secure the right mortgage for their self-employed business income.
- Minimum 5% down payment
- Best Rates Available
- Assistance programs available
Who is considered a first time home buyer in Canada?
In Canada, a self-employed business owner is usually considered a first-time home buyer if you haven’t owned and lived in a home anywhere in the world in the last four years.
This is the standard rule used for most federal programs, including the First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan.
Even if you run an incorporated company, are a contractor, or write off business expenses, the definition is based on home ownership — not how you earn your income.
In some cases, you may also qualify as a first-time buyer after a separation or divorce if you no longer own the home you lived in with your former partner.
Do you have questions?
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What benefits do I receive as a first time home buyer?
Being a first-time home buyer in Canada comes with real advantages that can make buying your first home more affordable.
You may be able to use programs like the First Home Savings Account (FHSA) to save for a down payment with tax benefits, and the RRSP Home Buyers’ Plan to use RRSP funds toward your purchase and repay it over time.
In some provinces, land transfer tax rebates can also reduce your closing costs.
Many first-time buyers may qualify for insured mortgage options, which often offer lower interest rates and smaller down payment requirements.
In certain situations, a 30-year amortization may also be available, which can help lower your monthly mortgage payment and improve cash flow—especially helpful for self-employed buyers with uneven income.
Used properly, these programs can reduce upfront costs, strengthen your mortgage options, and help you move into home ownership sooner with confidence.
First-time home buyer assistance programs
As a self-employed business owner, you can still qualify for first-time home buyer programs in Canada that can lower your upfront costs and improve your mortgage options.
The First Home Savings Account (FHSA) helps you build a down payment with tax advantages, and the RRSP Home Buyers’ Plan lets you use RRSP funds toward your purchase and repay it over time.
In some provinces, land transfer tax rebates can also reduce closing costs.
Many business owners are surprised to learn they may even qualify for insured mortgage programs when the file is structured properly—often unlocking lower rates, smaller down payments, and more flexible income calculations for self-employed applicants.
You may qualify for programs such as:
First Home Savings Account (FHSA)
RRSP Home Buyers’ Plan
Land Transfer Tax Rebates (in some provinces)
Insured mortgage programs
💡 Did you know?
Did you know you can be considered a first time home buyer even if you have purchased a home before?
Work With a Self-Employed Mortgage Specialist
- Knowledgeable in first time home buyer programs
- Focused on self-employed mortgages
- Knowledgeable in self-employed mortgage programs
- Faster, Smoother Mortgage Approvals
💡 Did you know?
Did you know that you may be able to use your RRPSs towards your downpayment when purchasing your first home?
How to prepare for your first home purchase
Buying your first home as a self-employed business owner is exciting—but it can also feel more complicated because your income doesn’t always fit the “T4” box.
The good news is that with the right preparation, the process can be smooth and straightforward.
Use the checklist below to stay organized, strengthen your mortgage approval, and move forward with confidence before you start shopping for a home.
First-time home buyer checklist
✅ File and Organize Your Taxes
- Make sure your last 1–2 years of personal and business tax returns are filed.
- Review your Notice of Assessment for any balances owing.
- Avoid large unpaid tax amounts, as lenders will most likely want these balances paid before approving your mortgage application.
✅ Confirm Your Down Payment
Identify where your down payment is coming from (savings, FHSA, RRSP, gift, etc.).
- Keep funds in your account for at least 90 days when possible.
- Prepare documentation to clearly show the source of funds.
✅ Get a Proper Mortgage Pre-Approval
Work with a mortgage professional experienced in self-employed files.
- Provide business documents early to avoid delays.
- Confirm your maximum purchase price and comfortable monthly payment.
✅ Define your home search
Focus on homes that fit your pre-approval amount and monthly budget
- Write down your “must-haves” (location, size, commute, schools, amenities)
- List your “nice-to-haves” so you know what you can compromise on
✅ Choose a real estate agent
Ask for recommendations from friends, family, or trusted professionals
- Interview a few agents and select someone you feel comfortable with
- Share your must-haves and nice-to-haves so your agent can narrow the search faster
✅ View homes and make offers
Ask your agent to explain common offer conditions and what sellers may expect
- Budget for the full cost of ownership: property taxes, insurance, utilities, maintenance, and future repairs
Owen Langis with Mortgage Connection
Owen Langis with Mortgage Connection is a mortgage broker who is focused on self-employed mortgages & is passionate about helping business owners secure the mortgage financing they deserve.
With experience in traditional self-employed income and alternative self-employed lending programs, Owen understands the challenges entrepreneurs face when qualifying with traditional banks.
He takes the time to listen, simplify the process, and build mortgage solutions that reflect your real financial strength — not just your taxable income.
If you’re a business owner looking for a mortgage expert who is focused on self-employed mortgages and truly understands your world, Owen is here to help you every step of the way.
💡 Did you know?
Did you know you can buy a home with as little as 5% down? If the purchase price is under $500,000, many first-time buyers can qualify with just 5% down. Homes priced above that require 5% on the first $500,000 and 10% on the portion above.
Other Self-Employed Mortgage Services
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Self-Employed First Time Home Buyer - FAQ
How much down payment do I need as a self-employed first-time buyer?
In many cases, you can buy with as little as 5% down on homes under $500,000. If your income requires a stated-income or alternative lender program, 10%–20% may be required. The exact amount depends on how your income is verified and which lender is used.
Do I need two full years of self-employment to qualify?
Often, lenders prefer a minimum two-year history of being self-employed. However, there are exceptions. If you recently became self-employed but worked in the same industry before, some lenders may consider your previous experience. Strong revenue and a solid down payment can also help.
Can I get a 30-year amortization as a first-time buyer?
In certain situations, yes. Some insured and uninsured mortgage programs allow a 30-year amortization, which can lower your monthly mortgage payment and improve cash flow. This can be especially helpful for self-employed buyers with variable income.
Can I get a mortgage if I’m self-employed and a first time home buyer?
Yes. Self-employed business owners, contractors, freelancers, and incorporated professionals can qualify for a mortgage in Canada. The main difference is how income is calculated. Instead of relying on a T4, lenders review your tax returns, Notices of Assessment, and sometimes business financials or bank statements. When structured properly, approval is absolutely possible.
What credit score do I need?
Most insured mortgage programs prefer a credit score of 680 or higher. Some alternative programs allow lower scores but may require a larger down payment. Keeping credit card balances low and avoiding missed payments will improve your approval options.
Get Self-Employed Mortgage Advice Today
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owen@mortgageconnection.ca
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(403) 968-8512
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Do you have questions?
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