Self-employed individuals often struggle to find suitable mortgage options at reasonable rates due to their fluctuating income and claimed expenses. However, there are now several mortgage options available specifically designed to cater to the needs of self-employed borrowers.

One of the main advantages of these mortgage options is fast approval, even for those who have been previously declined. Traditional lenders often hesitate to provide mortgages to self-employed individuals due to their perceived higher risk. However, these specialized mortgage options offer a solution, allowing self-employed individuals to secure the financing they need quickly and efficiently.

One of the key considerations in these mortgage options is the reduced taxable income resulting from claimed expenses. Self-employed individuals often have a higher number of deductions, which can significantly impact their qualifying income. With these mortgage options, the reduced taxable income is taken into account, giving self-employed borrowers a fair chance at getting approved for a mortgage.

For those with expenses that heavily impact their qualifying income, there is the option of a Stated Income mortgage. This type of mortgage is particularly useful for self-employed individuals who may have significant expenses but still have a stable income. With a Stated Income mortgage, borrowers can provide an income estimate that better reflects their financial situation, increasing their chances of approval.

These mortgage options also accept dividend and investment income, as long as there is stability and proof of this income. Many self-employed individuals have income from investments or receive dividends from their business. With these specialized mortgage options, this income is taken into consideration, helping self-employed borrowers access the financing they need.

In order to qualify for these mortgage options, borrowers will need to provide several documents, including 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. These documents provide the necessary proof of self-employment and financial stability.

Furthermore, borrowers will have access to a wide range of lenders, including large banks, mortgage finance companies, credit unions, and alternative financiers. This means that self-employed individuals can choose from a variety of mortgage options and find the one that best suits their needs and financial situation.

If you are a self-employed individual looking for a mortgage, there are options tailored specifically for Business For Self (BFS) borrowers. These mortgage options are designed to meet the unique needs of self-employed individuals and provide them with flexible and affordable financing solutions.

To explore these mortgage options and find the right one for you, give us a call. Our team of experts will guide you through the process and help you secure the mortgage you need to achieve your homeownership goals.