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SELF EMPLOYED MORTGAGES |
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Self Employed Borrowers & No Income Verification Loans
Self-Employed borrowers and Commissioned Sales people that cannot provide traditional income verification can now qualify for a high ratio mortgage for purchase or refinance purposes up to 90%. No Income Verification is necessary. If you have a registered business for 3 years and your last Notice of Assessment showing no income taxes are owing. |
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Self-employed individuals often find that
there are greater hurdles to borrowing for them than an employed person. For
many conventional lenders the problem with lending to the self-employed is
documenting an applicant's income.
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Acceptable loan purpose |
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Purchase's, refinance for repayment of existing financing, renovation, asset enhancements.
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Loan-to-value limits |
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'Loan-to-value' is the relationship between the principal balance of a mortgage and the property value. For example, if you have a house valued at $100,000 with a $90,000 loan, you have a 90% ($90,000 divided by $100,000 = 90%).
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'Loan-to-value' (LTV) is the relationship between the principal balance of a mortgage and the property value. For example, if you have a house valued at $100,000 with a $90,000 loan, you have a 90% LTV ($90,000 divided by $100,000 = 90%). These are the LTV requirements for our First Mortgage Genworth Insurance Program:
- Maximum LTV ratio Purchase: 90.00%
- Maximum LTV ratio Refinance: 85.00%
- Maximum Loan Value for Toronto area is $550,000
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Equity Take Out |
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Equity Take Out is limited to $100,000 for debt consolidation purposes or $200,000 for asset enhancing purposes (except when the loan purpose is to consolidate existing first and second mortgages, in which case the lesser of the maximum LTV or maximum loan amount will apply)
- Proper documentation is required for refinance purposes. (For example, estimates/contracts must be provided for renovations.)
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Self Employed Mortgage - Challenged Credit |
Self-Employed individuals with challenged credit may still obtain a mortgage. This loan program provides up to 75% of the loan to value ratio. In other words, if your property is worth $100,000, the maximum loan amount would be $75,000.
No Income Verification is necessary.
We lend on many types of properties including single-family dwellings, condominiums, duplexes and triplexes.
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Second Mortgages |
Self-Employed
individuals with challenged credit may be able to obtain financing up to 85 or
90% loan to value by obtaining a private 2nd mortgage.
What ever your
situation is please feel free to call and discuss—
Toll Free- 1-877-569-6841
There
is no need for you to visit our office - your application will be processed
immediately and you can expect your approval in about 24 hours.
To get started
simply fill in our secure application form
APPLY ONLINE
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