Are you self employed and not sure where to begin when it comes to applying for a mortgage? We understand that the regular mortgage process can be confusing as self employed borrowers tend to have good credit, but cannot provide traditional means of income verification. Income sources may also vary or be less predictable than those of employed borrowers.

The good news is lenders offer various programs tailored specifically to these types of borrowers. Eligible borrowers include sole proprietors, partnerships, or corporations with a proven 2-year history of managing both their credit and finances responsibly.

Depending on the lender, you may also be eligible for products like purchase plus improvements. 

Documentation

With self employed borrowers, the type of documentation needs to support the length of business operation as well as proof of income. This may include:

• Income tax returns supported by the NOA
• Business credit reports
• GST returns
• Active business account statement
• Financing statements
• Business license
• Audited financial statements
• NOA accompanied by T1 General
• Proof of Income (POI)
• Statement of Business (T2125)

Our team continues to assist many self employed individuals achieve their homeownership goals. If you would like to start this journey, please contact us!