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Self-employed applicants are normally required to demonstrate at least two full years of operation of their business. Genworth has made provisions for a much easier qualification by decreasing their down payment guidelines. Business for self individuals can now purchase a home with as little as 5% down! This is for the applicant that has been two years business for self, and can prove there status by way of showing ONE of the following:
- Articles of incorporation
- Business License
- T1 Generals with Statement of Activities
- Business credit report
- GST Return Summary
- Audited Financial Statements
Decent credit is mandatory through this program, and a beacon score of minimum 680 must be shown on the credit bureau.
Outside of the Genworth program, there are numerous lenders that will tailor their non-traditional income earners with as little as 5% down, with less importance on credit rating. Typically the interest rates are a little higher than the “5% down through Genworth” program, but the options for the business for self individual are becoming more and more recognized in the lending world. The programs available now are plentiful.
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