Self-employed individuals can now enjoy low rates and excellent mortgage options, thanks to specialized programs designed to cater to their unique financial circumstances. These programs offer fast mortgage approval, even for those who have been declined in the past. One of the key benefits of these self-employed mortgage options is that they take into account the reduced taxable income that often results from claimed expenses related to running a business.

For those whose qualifying income is impacted by expenses, a Stated Income mortgage could be the solution they need. This type of mortgage allows individuals to state their income without providing extensive documentation, making it ideal for self-employed individuals who may not have traditional pay stubs or tax returns to prove their income. Additionally, dividend and investment income may also be considered as part of the qualifying income, as long as the stability and proof of this income can be demonstrated.

In order to apply for these self-employed mortgage options, certain documents will be required, such as the Notice of Assessment, T1 Tax Statement, proof of principal ownership in the business, contracts or financial statements, and a copy of the Article of Incorporation or business license. With access to top Canadian lenders, including major banks, mortgage finance companies, credit unions, and alternative financers, individuals can benefit from competitive rates and a variety of loan options tailored to their specific needs as self-employed borrowers.

If you are a Business For Self (BFS) borrower looking for a mortgage solution that meets your unique financial situation, give us a call today to explore the options available to you. Let us help you find a mortgage that works for your self-employed lifestyle.