A self-employed mortgage product is specifically tailored for those business owners or self-employed individuals earning an income the non-traditional way. Self-employed mortgages can be accessed by those running full-time or part-time businesses inside of a corporation, partnership, or as a sole proprietorship. For incorporated business owners, you must own the corporation and draw out an annual income in the form of dividends or employment income to be considered for a self-employed mortgage.

Traditional Financing – Net income Stated Income – Business revenue Bank Statements – Usually backdated six months Net worth – Liquid assets Business Cash Flow – money left in the company

You sure can! There are NIAT (Net Income After Taxes) programs that allow you to qualify based off the income you keep in your business. This is a tax advantage strategy that allows you qualify while paying less in taxes.

You bet! With just six months of income statements over a twelve-month period, we can annualize your income deposits and qualify you. This tax advantage method is a popular option for many self-employed individuals.

Lenders typically ask for: With the above list of documents, there are many options available to you! T1 Generals for 2 years. NOA’s for 2 years. Business Financials (if incorporated). Articles of incorporation (if incorporated). Bank Statements for the last 6 months.

Traditional Traditional income is classified as verified income via your personal tax returns. This method of mortgage qualifying is the most challenging one of the three, supposing conventional “A” lenders will use your NET income after all expenses, write offs & other deductions. Non-Traditional Income With non-traditional income, your personal tax return is not a direct reflection of the income used like traditional income. Here, lenders will look at company bank statements and financial statements to verify your income via deposits. Because of the flexibility & tax advantage, this is the most popular category for many business owners. Stated Income This third option allows borrowers…

You sure can! This is called a Net Worth Mortgage Program. If you have a minimum of $250,000 in “liquid” assets in an account for longer than 90 days, we can use those savings to help you qualify. Let’s take a deeper dive at the specific guidelines below: For every $1 in liquid assets, you will qualify for $1 in additional mortgage financing. Must be earning a minimum income of $1,000 a month in addition to this program. These funds must be in addition to your down payment. You must be a Canadian resident paying taxes in Canada. If this sounds like you, reach out to one…

Yes, you can use seasonal income to qualify. The same requirements would apply for any income that is earned year-round.