Self-Employed Mortgage Case Study – Trucking Company Owner / Operator

Brief Overview

This self-employed mortgage case study shows how a Trucking Company Owner/ Operator in Calgary used his strong credit, good income, and a 20% down payment to purchase a home..

truck driver standing Infront of his truck and trailer

Client Snapshot

👷‍♂️ Client type: Trucking Company Owner/ Operator (Incorporated)

📍 Location: Calgary, Alberta

⭐ Goal: Purchase new larger home for his family

🏠 Purchase Price: $850,000

💰 Down payment: $170,000 (20%) (from savings & equity from the sale of his existing home)

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

💸 Income: Low claimed personal income due to write-offs, stable self-employed income for 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

⚠️ - The clients bank turned down the mortgage amount he needed to purchase his new home because, after business write-offs, his reported income looked too low to qualify. The bank also didn’t offer a self-employed program that could factor in the actual revenue his business was generating, which would have helped the client qualify for a larger mortgage.

Mortgage Solution & Approval

The client contacted us for a second opinion on his mortgage options to purchase the new home.
We started with a Discovery Phone Call to make sure we were on the same page from the start of the process and were working toward a clear goal together.

✔️ 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 business bank statement mortgage program

✔️ The client’s business bank statemenets showed high gross revenue - recurring business expenses

✅ Using a specialty self-employed mortgage program offered by lenders who work with self-employed borrowers (business bank statement program), the client was approved for the higher mortgage amount he needed.

By using the business bank statement program, the client received higher qualifying ratios than offered by his bank (55/60

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.