Self Employed?
A unique mortgage qualification process
The Stated Income Program
The Stated Income Program is designed to help Ontario homeowners who have difficulty providing traditional income documentation, such as pay stubs or tax returns, to qualify for a mortgage. This program allows homeowners to state their income on their mortgage application, rather than providing proof through documentation.
Who is it for?
The program is particularly beneficial for self-employed individuals, small business owners, and those with non-traditional sources of income. These individuals may have fluctuating income or may not have the necessary documentation to prove their income.
By allowing homeowners to state their income, the program provides an alternative way for them to qualify for a mortgage. This can help individuals who may otherwise be unable to secure financing for a home purchase or refinance.
It's important to note that the Stated Income Program typically requires a larger down payment and may have higher interest rates compared to traditional mortgage options. Lenders may also have specific requirements and criteria for eligibility.
A Solution for Business for Self Individuals
Overall, the Stated Income Program provides a solution for Ontario homeowners who have difficulty providing traditional income documentation, allowing them to access mortgage financing and achieve their homeownership goals.
The Smart Approach!
The stated income program is for people who are self employed, but can’t prove their income in the traditional way. We’ll take into consideration:
The industry you’re in
What kind of experience you have
How many employees you have
Whether or not you have a physical location or a website
The reasons why proving your income using the traditional methods is not an accurate representation of your earnings
We can then “state” the income that you actually make to qualify you for your mortgage without proving it using standard methods. Any income that we use has to be considered reasonable based on the criteria above and we’ll still need some paperwork to back it up.
Requirements to qualify under this program include:
A minimum of 10% down from your own resources (if it’s a primary residence)
Strong credit(a credit score of at least 650) with a two year history of at least two accounts being paid well
Proof of self employment (ie. business license, GST registration, 12 month history of business bank account, tax Returns showing self employed income being reported)
Confirmation you don’t owe Revenue Canada outstanding income tax
Getting a self employed mortgage has never been easier!
A a self employed person, you should not be penalized for the type of income you provide. I am here to make sure you are given every opportunity to help you qualify for the mortgage you deserve.