Mortgage Results understands that as a consultant, contract worker, or independent business owner your taxable income may not reflect your true income. And with more Canadians becoming self-employed everyday lending institutions have developed a mortgage based on credit history and confirmation that you don’t have any outstanding taxes. With this new program Canada’s working population can now obtain financing up to 90% of the purchase price of the property they are buying.

Who Qualifies?
Clients with good credit rating and have no outstanding personal taxes. They must prove they have been self-employed for a minimum of three years by supplying at least two forms of written, third part documentation such as a business credit report, business licence, G.S.T. returns, articles of incorporation, or business financials.

Qualify today based on credit and not income.

Eligible Properties:

• Maximum 4 units where at least 1 unit must be occupied as the principal residence
• Existing and new construction
• Readily marketable residential dwellings up to four units, located in markets with demonstrated ongoing re-sale demand
• Older homes (pre 1950) must have been substantially modernized and the estimated remaining property (economic) life must  equal the amortization
• New construction must be covered by New Home Warranty Program

Occupancy:

• Owner occupied, primary residence. All applicants used to qualify must occupy the property.
• Spousal guarantors acceptable provided they occupy the subject property
• Non-occupant co-borrowers or guarantors not permitted

Amortization:

• Maximum 30 years
• Insurance for all of our extended amortization products will include a 0.20% premium surcharge for every 5 years of amortization beyond the traditional 25-year mortgage amortization period 

Borrower qualification:

• Strong credit and credit score
• Insurer will average the scores pulled from both credit bureaus for each borrower, and the minimum score requirement will apply to all borrowers on the application
• No mortgage, instalment or revolving credit delinquencies appearing on the credit bureau in the past 12 months
• No reported defaults on residential mortgages for the past 7 years
• No previous bankruptcy
• No gifted / borrowed down payment allowed
• Lender to ensure borrower(s) have no tax arrears (recent NOA or a signed affidavit by the borrower(s) will suffice)

Self employed borrowers:

• 2-years self-employed tenure is recommended, however will consider borrowers with less than 2-years BFS tenure depending on the length and type of previous employment.
• One (1) form of written third party documentation confirming self-employment tenure must be on file  
• Lender is required to capture the borrower's "Stated" income and submit as part of the application. (This should be documented on the loan application and no other documentation is required to satisfy this condition)
• The "Stated" income should be reasonable based on the type and size of the business, and should be able to service the required mortgage as per the GDS/TDS Guidelines above
• Reasonableness of the income and debt servicing ratios are a factor in the approval of the loan