Two years in business
Most lenders want two years of self-employment history. I show them the full picture, including write-offs added back where the lender allows.
Self-employed & new to Canada
Your income is real.
Let's prove it to a lender.
Tax returns that understate what you earn, or a credit history that started somewhere else, shouldn't keep you out of a home.
Who this is for
- Self-employedOwners, contractors, commission earners
- New to CanadaPermanent residents and work-permit holders
- Non-traditional incomeRental, investment or multiple sources
- The goalThe best lender your file can qualify for
Mortgage Assurance Inc. · FSRA #13812
Self-employed
Lenders look beyond line 15000 when the file is presented properly.
Stated income programs
Some lenders accept a reasonable stated income supported by bank statements and business activity, usually with a larger down payment.
Insured options
Self-employed borrowers can qualify for insured mortgages with less than 20% down when income is fully documented.
Documents that usually help
Show the full picture. Not just line 15000.
- Two years of T1 Generals and Notices of Assessment
- Business licence, articles of incorporation or HST registration
- Six to twelve months of business bank statements
- Financial statements, if incorporated
I match your file to the lender whose rules suit how you're paid, and present the income the way that lender wants to see it. That often changes the answer from no to yes.
New to Canada
You don't need a long Canadian history to buy a home.
Newcomer programs
Several lenders and insurers have programs for people who arrived in the last five years, with flexible credit requirements.
Down payment
Permanent residents can often buy with a standard minimum down payment. Work-permit holders may need more, depending on the lender.
Alternative credit
Rent, utilities, phone bills and a letter from your bank back home can stand in for a short Canadian credit history.
Documents that usually help
Start building now, buy when you're ready.
- Permanent resident card or work permit
- Employment letter and recent pay stubs
- Ninety days of bank statements showing your down payment
- Twelve months of rent and bill payments, if your credit file is thin
If you're not ready to buy yet, I can tell you exactly what to put in place over the next six to twelve months, so the answer is yes when you are.
Questions
Questions I hear most.
I write off most of my income. Can I still qualify?
Often, yes. Some lenders add back certain deductions and others use stated income programs. The trade-off can be a larger down payment or a slightly higher rate, and I'll show you both.
I've been self-employed for less than two years. What now?
It's harder, not impossible. Previous experience in the same field, a strong down payment or a co-borrower can all help.
I just arrived in Canada. When can I buy?
Sometimes right away, if you have full-time employment and a down payment. Each program has its own rules and I check them against your situation.
Will the rate be higher?
Not necessarily. Many self-employed and newcomer clients qualify with mainstream lenders. When an alternative lender is needed, I explain the cost and the plan to move you back.
Let's talk it through
Tell me how you earn. I'll find who lends on it.
A 20-minute call is enough to know where you stand and what your next step is.