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Self-Employed Mortgages in Oshawa

The rules for self-employed lending are much more stringent than ever before. Gone are the days when you could buy a home with “stated income” and good credit.

In today’s world, it’s still possible to buy with 10% down, but you must be able to carry the mortgage based on the income you declare for tax purposes, which is difficult for most self-employed individuals. Heavy write-offs usually decrease income and make it hard to qualify for a home loan.

When applying for a mortgage using “stated income,” the minimum down payment is 10% and all mortgages with less than 20% down must be insured by one of 3 Canadian mortgage default insurers. They are CMHC, Genworth, and Canada Guaranty. All insurers have slightly different guidelines, so it’s best to seek the advice of a trained mortgage broker to guide you to the best option.

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In this economic climate, you should be prepared to provide a great deal of documentation to support a self-employed mortgage application. Requests for Articles of Incorporation, GST accounts, T1-Generals, Notice of Assessment, and even bank statements for up to 12 months is not uncommon. If you have contracts for ongoing work, they may also be requested.

These new guidelines also hold true for commission salespersons as well.

When it comes to providing self-employed individuals with the greatest number of mortgage solutions, mortgage brokers are an excellent resource. It’s time you had someone helping you achieve your financial goals, contact us today at (866) 452-1100. We provide self-employed mortgages in Oshawa, Ajax, Port Perry, Pickering, Whitby, Uxbridge, Clarington, Bowmanville, and the Durham Region, Ontario.

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