Self-Employed Mortgage Case Study – Heavy Duty Mechanic in Calgary

Brief Overview

This self-employed mortgage case study shows how a heavy duty mechanic business owner in Calgary used strong credit, good income, and a 10% down payment to purchase a home—without the usual stress that many business owners feel when qualifying for a mortgage.

Heavy Duty Mechanic Business Owner repairing trucks in garage.

Client Snapshot

👷‍♂️ Client type: Self-employed heavy duty mechanic (Sole Proprietor)

📍 Location: Calgary, Alberta

⭐ Goal: Purchase a primary residence for their family

🏠 Purchase Price: $900,000

💰 Down payment: $90,000 (from savings)

📄 Credit: Excellent (strong repayment history, no late payments)

💸 Income: Good, stable income for well over 2 years

Key Challenge

Like many business owners, the client’s taxable income looked lower on paper because of legitimate business write-offs and expenses.

⚠️ - Low reported personal income on tax returns due to significant business write-offs

⚠️ - His bank declined the mortgage amount he was requesting because his reported income was too low after write-offs and his bank did not offer an insured stated income program for self-employed borrowers to help him qualify for a larger mortgage amount

Mortgage Solution & Approval

We started with a clear conversation about the client’s goals and budget, then:

✔️ Collected and organized the client’s tax returns, Notices of Assessment, and full down payment documentation

✔️ The client had a strong enough down payment to qualify for an insured stated income program

✔️ The client’s business showed high gross revenue before deductions and tax write-offs

✅ Using a specialty self-employed mortgage program, the client was approved for the higher mortgage amount he needed through Canada Guaranty’s insured stated income program—with just 10% down.

Disclaimer:
Every mortgage situation is different. These case studies are examples only and don’t guarantee approval. Your results will depend on your income, credit, down payment, and lender guidelines at the time you apply.