Self Employed Mortgages Vancouver, Mission, Penticton, Osoyoos

If you’re self-employed, securing a mortgage in today’s market doesn’t need to be stressful.
We all know how particular the banks can be on their lending requirements resulting in limitations to your ability to qualify for a mortgage.
That’s why you should speak with us!
For those business owners who DON’T have two years in business, have bruised credit, or have incurred too many write offs …

Did you know that with just six months of bank statements over a twelve-month period, we can secure you a new mortgage by annualizing your gross income deposits. This strategy can help you increase your borrowing power and save you thousands of dollars in taxes.

There are NIAT (Net Income After Taxes) programs that allow you to qualify based off the income you keep in your business.

Both above programs are tax advantage and tax efficient strategies to save you money and to help qualify you for hundreds of thousands more.

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.

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!

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 to piggyback off the traditional income verifications without fully verifying income. This is done by justifying the overall strength of the business, the industry of the business, past performance, years in business, and your application. While this option is quite strict, many call this option the “no income verification method”.

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 of our trusted advisors to learn more.