Self Employed Mortgage
Being self-employed can have its rewards and we believe there is no greater reward than the independence of being paid for what you are worth.
As a small business owner you have certain controls and are able to deduct certain expenses that the average person simply cannot. However, if you own a corporation you may be better off leaving as much money in the company and only taking out what you need to live on. This way it helps the corporation pay a lower tax and you have access to the capital to help run your business. That said, it is your company and whether you choose to leave your earnings in your company or take it out as your rightful pay is your decision.
Unfortunately, the lending institutions simply do not always understand and/or are unwilling to wrap their minds around this concept. As a result, self employed people are penalized and may not qualify for financing with many lenders.
At Centum Discount Mortgage Canada Inc. we understand what it is like to be self employed and have made arrangements with several lenders that can offer alternative financing to the traditional banks.
Self Employed – no proof of income no longer exists.
Purchase a new home with 10% down payment and we will look at your gross income along with business financials to make a decision. It is no longer just based on what you declare!
How To Qualify
To qualify for up to 95% financing, you need:
- Proof that you have been self-employed for min 2 years (proof can be in the form of Incorporation papers, business license, or HST registration).
- You need to have a clean credit history (this is the key to our self-employed programs: discharged bankrupts, & people with collections and judgments will not be considered for this program).
- You will need to show enough positive cash flow for your business (if the company showed a loss in the last two recent years, then your application will be denied).
- People with less than perfect credit may still qualify but the loan amount may be reduced.