No Income Qualifier

     
Stated Income Mortgage

     Stated Income Mortgages are offered by some specializing Banks who have recognized the numbers of self-employed Canadians who do not claim all of their income. These institutions have developed programs such as No Income Qualifier (NIQ) which allows the self employed to qualify with little income proof. All the borrower needs to do is to provide a copy of their Notice of Assessment to prove that they do not owe the government back taxes. The primary requirement is that the income stated must be reasonable based on the size and type of business field you are in. For More information contact your Vancouver BC Mortgage Broker online application

Unlike in the past where the requirement were a lot more challenging in terms of down payment it is now possible to qualify for a Stated Income Mortgage thanks to mortgage insurance. Your Mortgage Broker can get you approved through these insurors if you are a business person who has good credit and been in the business for at least 2 years.online application

If you have less than perfect credit, don’t worry there are still specialty lenders for self employed clients that offer some options either through B-lenders at very competitive rates or Private Mortgage companies. Your Mortgage Broker should have all the options for you so give me a call.online application

Some B-lenders or Sub Prime Lenders have "alternative documentation (Alt Doc)" program. These programs allow self-employed Mortgage clients or those with undocumented income to prove their income in a not traditional manner. In some cases up to 90% of your homes value for purchase or transfer and 85% for refinancing is available. They may require your bank statements for the past 12 months. Or, if you earn tips, they will talk to your employer to verify reasonableness of your claimed income. The borrower's credit score has to fit into these lenders matrix so check in with your Mortgage Broker to see if you qualify.online application