Self-employed individuals seeking a mortgage have access to low rates and excellent options to help them secure financing. These options are especially beneficial for those who may have been previously declined for a mortgage. One of the key advantages of these mortgage options is that they take into consideration the reduced taxable income that many self-employed individuals have due to claimed expenses. This can help self-employed individuals qualify for a mortgage even if their taxable income does not accurately reflect their true financial situation.

One type of mortgage that may be particularly useful for self-employed individuals with significant expenses impacting their qualifying income is the Stated Income mortgage. This type of mortgage allows borrowers to state their income without having to provide extensive documentation to prove it. However, borrowers will still need to provide some proof of income and stability, such as dividends and investment income, along with the necessary documents required for mortgage approval.

When applying for a mortgage as a self-employed individual, there are several documents that will be required to prove income and ownership in the business. These documents include 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. Providing these documents can help lenders assess the financial stability and viability of the self-employed individual's business, which can increase the chances of mortgage approval.

Self-employed individuals looking for a mortgage can access a variety of options from top Canadian lenders, including large banks, mortgage finance companies, credit unions, and alternative financers. These lenders are willing to work with self-employed individuals to provide reasonable income estimates and tailored options for Business For Self (BFS) borrowers. If you are a self-employed individual in need of a mortgage, it is recommended to reach out to discuss your options and find the best solution for your unique financial situation.