Self Employed Mortgage Rates BC - Mortgage Lenders are not all alike. Call your Vancouver BC Mortgage Broker Today. Great Rates are just the begining.

Self Employed Mortgages enable the client to qualify for a mortgage based on income that they can and can’t always provide in the traditional manner. The Best Banks Credit Unions & Trust Companies for the Self Employed have innovative products allowing you to obtain Low Mortgage Rates at high level of your homes equity as well as Stated Income Products to help with Consolidating Debts, home renovation, vacations, Business Capital, automobile purchase or whatever reason you need money. (Bad Credit Options too.)

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Here are some basic requirements under the recent changes to qualify for Self Employed Mortgages In Vancouver BC Canada.


1. Mortgage qualifying as a self employed individual, you will have to provide proof that you have been in business for at least the last two years. Proof can be in the form of a business license, GST filing, etc. Anything that will prove you’ve been in business for the last two years will do.online application

2. Depending on the LTV (loan to value ratio) of the self employed mortgage, you will also be required to provide your NOA (Notice of Assessment) or T1 General proving that you are current and up to date with Revenue Canada.online application

3. If the mortgage is for a new home purchase, you will be required to provide proof of your down payment. The down payment cannot be borrowed or a gift.online application

April 19th 2010 Changes To CMHC Self-Employed Mortgage:

Self-employed borrowers without traditional third-party validation of income submitted to CMHC on or after April 9th, 2010 will include different criteria for Mortgage loan insurance applications.

CMHC has reducing the maximum LTV (Loan To Value) for the Self-Employed Product without Third-Party Validation of Income as follows: The maximum LTV is being reduced from 95% to 90% for purchase and portability transactions.

The maximum LTV is being reduced from 90% to 85% for Refinance.

The CMHC Self-Employed Product without Traditional Third-Party Validation of Income is intended for self-employed borrowers who have difficulty providing documentation for their current income level. Typically, these are borrowers who recently became self-employed. Accordingly, self-employed borrowers who have been self-employed in the same business for more than three years will not be eligible under this product. CMHC continues to require that the borrower have a minimum of two years of experience in the same field. This can include time spent working as a non-self-employed worker in the same field.

As CMHC has found that commissioned income can be relatively easily substantiated, borrowers who earn income through commission will no longer be eligible for the CMHC Self-Employed Product without Traditional Third-Party Validation of Income.

In the BC Lower mainland your Mortgage Broker can service the areas of Abbotsford BC | Burnaby BC| Pitt Meadows BC | New Westminster BC | Chilliwack BC | Maple Ridge BC | Coquitlam BC | Port Coquitlam BC | Langley BC | Richmond BC | Surrey BC| Vancouver BC | North Vancouver BC | West Vancouver BC| Whistler BC | Squamish BC | Hope BC | Lions Bay BC | Gibsons BC | Roberts Creek BC | Secret Cove BC | Texada Island BC | Irvings Landing BC | Salt spring Island BC | Powell River BC | Lund BC | Agazzis BC | Harrison Hot Springs BC | Boston Bar BC | Lytton BC and many others. 

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