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Mortgage and being Self-employed - Who qualifies!
More and more Canadians are starting their own
business. In the past, this has created more difficulty
in obtaining mortgage financing. With the ability to
"write-off" many expenses, self -employed individuals
will ultimately find that their true income does not
reflect what the Notice of Assessment form reads from
the Canada Revenue Agency at the end of the year.
Today's lender is becoming more and more
business-for-self compatible. If you fall under one of
these self-employed categories, there may be a suitable
mortgage product for you:
1. commission (including 100% commission)
2. contractual
3. seasonal
4. small business owners
5. professionals
For the individual that fits into any the above
categories, there are a couple of different ways to
qualify for a mortgage loan. You may or may not have
heard of a mortgage product by the name of "no income
qualifier". This is a program designed where you
essentially "state" the income you make! Yes, it has to
be backed up by proof of "being business for self", but
the lender will not verify your income. This program is
based on a tier system, and it will depend on a couple
of different variables: your credit rating and your
down payment amount.
CMHC and Genworth both have mortgage products that
provide easier qualification guidelines for the
self-employed individuals. With as little as 10%
down-payment, ownership is more obtainable for the
business-for-self individuals.
Let us know if you have any questions, or would like
more information on the "business-for-self" guidelines -
this may be the mortgage you're looking for! You like
have more than one option.
Sincerely,
DAN
MASS, AMP Broker/Agent
Canada First Mortgage
direct:
403.294.0033 cell: 403.710.1505
fax: 1-866-902-4910
email:
dan@canadafirstmortgage.com
website:
www.canadafirstmortgage.com
193 McKenzie Towne Gate SE Calgary, Alberta, Canada
T2Z 4G2
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