Vancouver Mortgage Broker | Langley Mortgage Broker

Rowan Smith Mortgage Broker at City Wide Mortgage Services can assist with self employed borrowers who cannot provide the traditional income confirmation that the banks use. Getting a self employed mortgage has never been easier. There are many non-conforming lenders that exist outside of the banks and offer a self employed mortgage.

There are three main programs for a self employed mortgage:

1. Genworth Alt-A max 90% financing for a self employed mortgage
2. Alternative lender max 80% financing for a self employed mortgage
3. Non-conforming lender max 65% financing for a self employed mortgage

Genworth Alt-A Self Employed Mortgage Notes:

• Available for purchases only
• Can finance up to 90% of the purchase of the property
• Maximum amortization is 25 years
• Access to the best of the best bank mortgage rates
• Insurance premiums are higher than traditional high-ratio mortgage financing
• Income taxes will need to have been filed, current, and have no arrears
• Excellent, well established and clean credit will be required
• You must have been in business for a minimum of 2 FULL years
• Lenders will use your “stated income” that you declare, but it must be reasonable
• There can be additional requirements depending on the nature of the business and income

Alternative Lender Self Employed Mortgage:

• Available for purchases and refinances
• Can finance up to 80% of the value of the property
• Maximum amortization is 30 years
• Rates typically are 1% - 2% higher than best bank rates
• There are typically a 1% to 2% setup fee that is rolled into the loan
• Credit can have some bruises and still be ok for a self employed mortgage
• Minimum 6 months in business proof will be required
• Proof of no taxes owing is typically required

Non-Conforming Lender Self Employed Mortgage

• Available for purchases and refinances
• Can finance up to 65% of the value of the property
• Maximum amortization is 30 years
• Interest only options do exist
• Rates are typically 1% - 2% higher than the best bank rates
• There are typically 1% to 2% setup fees that are rolled into the self employed mortgage
• Significant credit issues can exist and still get a self employed mortgage under this program
• Minimum 6 months of bank statements required to confirm gross revenues and support income
• Proof of no taxes owing may NOT always be required

Rowan Smith Mortgage Broker at City Wide Mortgage Services is well situation to offer solutions for your self employed mortgage needs. Self employed mortgage borrowers are often “tax efficient” and worry that their low declared income to Canada Revenue Agency (CRA) will prevent them from getting a self employed mortgage. Do not be discouraged by what your bank tells you. Call Rowan Mortgage Broker to see if can provide you with an alternative or non-conforming lending solution so that you can get a self employed mortgage.