Self-employed individuals have access to low mortgage rates and excellent options to purchase a home. These mortgage options are specially designed to cater to the unique financial situations of self-employed borrowers. Even if an individual has experienced previous declines for a mortgage, there is still the opportunity for fast approval through these specialized mortgage programs.

One key factor that sets these self-employed mortgage options apart is their consideration of reduced taxable income due to claimed business expenses. Stated Income mortgages are particularly useful for individuals whose qualifying income is impacted by various expenses related to their self-employment. Additionally, dividend and investment income can also be accepted as part of the income calculation, as long as there is stability and sufficient proof provided.

In order to apply for these self-employed mortgage options, certain documents are required, including the Notice of Assessment, T1 Tax Statement, proof of ownership in the business, contracts or financial statements, and a copy of the Article of Incorporation or business license. These documents help lenders assess the financial stability and viability of the self-employed borrower.

Through these mortgage options, self-employed individuals have access to a wide range of lenders, including major Canadian banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to accept reasonable income estimates from self-employed borrowers and provide tailored solutions for Business For Self (BFS) borrowers. For more information on these specialized mortgage options, interested individuals are encouraged to reach out for a consultation.