Stated Income Mortgage Self Employed
A Stated Income Mortgage is most commonly used for self employed individuals who can show little to no income proof under traditional lending guidelines. It is increasingly challenging for home owners who own business to qualify for a mortgage due to their many write off advantages. This tax savings advantage significantly reduces your net income. There are specific banks and lenders that work with these challenging application types.
Best Self-Employed Mortgage Product
Stated Income mortgage products are great because they are available at the discounted rates. The key requirements for these mortgage types are as follows:
- Notice of Assessment or NOA (full document) Your net income is shown on the line 150 but this has little effect on the application. Lenders are interested mostly in proving you owe no personal income tax.
- Proof that you have been in business at least 2 years by providing one of the following: Articles of incorporation, Business License or GST Returns etc.
How To Address Options In Self Employed Financing
Challenges some self-employed individuals face to refinance your mortgage or purchase you first home are business that have many write offs. A Stated income mortgage might be your best option. Unverifiable income is the number one reasons people turn to a mortgage professional. Many times, clients try three or four banks and being rejected for one reason or another and having multiple credit searches done. The fact is not all banks want your business if you are self employed and can’t provide traditional income proof. I can quickly review your situation and discuss options of either refinancing with a bank or b-lender or possibly to a short-term consolidation of debt using one of my private lenders.
Conventional Purchase up to 90% (income gross up options only):
- (Best Rate) Gross Up Income Purchase up to 90% LTV
- Self Employed or Commissioned for 2 years
- CMHC Insurance Is Required
- Flexible Income Documentation (documentation is required)
- 1-5-year fixed terms & 3 & 5 year ARM Terms
Conventional Refinance to 65%
STATED INCOME MORTGAGE, OPTIONS BOTH SELF EMPLOYED AND SALARIED EMPLOYEES:
- Best Rate up to 65%
- Self-employed 2 years, Commissioned 2 years or Salaried
- Flexible income documentation
- 35% of down payment must be from own resources OR equity in home
- Currently few lenders that allow “stated income” Conditions Apply” – CALL ME FOR DETAILS
*With this product I can employ techniques that may allow you to obtain financing up to 80% LTV using alternative options. *
B-Lender (Prime + Rates) Stated Income up to 75% or a combined 1st 2nd to 80%
- Proof of BFS for 2 years
- Proof of NOA filed or Statutory Declaration
- State Your income (it’s that easy)
Unverifiable Income Mortgages
Unverifiable Income or even no income? At anytime you could lose your income stream or be unable to provide proof of your income and find yourself looking for a no income or unverifiable income mortgage to get you through these times. This is in essence a stated income or home equity product but in this case, you may have no income at all and are looking for a mortgage loan to bridge yourself until you are back to work or able to solve your financial problem.
We can help! With one of the many equity products we can get you the funds you need to get through these difficult times. Each case is unique, and I can assist you with creative options allowing you to maximize your cash flow. There are many things to consider so call us today and let us set you up for success.
Bank Equity Programs 50% to 65%
This is a great option through our mono line lenders. Lenders have min credit score requirements and some additional requirements, but rates are competitive with other schedule A banks 1 – 5 year closed terms 3 to 5-year variable and up to 35 year amortizations on 5 year terms. Conditions apply so give me a call and I would be happy to walk you through the process.
Stated Income B-Lenders
A B-Lender will allow self-employed, commissioned and people earing tips to qualify up to 75% and in some cases 80% (with an in-house product) to refinance or purchase a home with stated income. Keys here are your taxes should be filed and show that no money is owed to CRA. This allows you to state your income to qualify for a mortgage. This product does have credit requirements and of course it comes with a slightly higher rate than prime mortgages. To learn more or to apply call us today.
Stated Income Mortgage
Self-employed, commissioned or employees earing tips have options available to them in the form of a stated income mortgage loan. These mortgage products have seen some changes over the past few years and will likely change some more in the years to come so it is best to consult with your BC Mortgage Broker to learn more. The basics are that individuals who can’t, or do not wish to claim their true income can simply state their income within reason to qualify for the mortgage. You can qualify up to 90% on a purchase with stated income.
Private Mortgage Lenders
I work with some of the lowest cost private mortgage lenders. I do such high volume of private mortgages some mortgage investment corporations offer me preferred pricing. This enables me to place my highest quality applicants with lenders that offer best rate private. I also deal directly with hundreds of other small and large companies and individuals. I pride myself in getting better rates and terms for my client than if they try dealing direct. Call me and I am happy to talk to you about my process.