Self Employed Mortgages Toronto
Are you self employed? We can help!
These Toronto self employed mortgages programs are used for Self Employed individuals who cannot provide proof of income through Income Tax documentation and who are not salaried and are perhaps on commission only.
What do lenders and banks consider to be self employment and not salaried?
- Taxes are not deducted at source when you receive pay
- You pay taxes at the end of the year after filing your income tax
- You have a registered business through a business license or articles of incorporation
- Registered GST License
- 2 yrs or more Business Financial Statements
- 2 yrs or more T1 Generals filed as self employed along with statement of business activities
Lenders today are making it easier for Toronto self employed individuals to obtain financing without proof of income. All they want to see is that you've been in business for at least 2 years. With as little as 10% for down payment, you are able to buy your DREAM home!
Qualifying for a low documentation mortgage is easier than you think. You can purchase a new property or re-finance your existing Toronto home up to 90% of its appraised value. The lender bases their mortgage approval on your good credit history instead of your net income.
Purchase up to 95% Refinance up to 90%
- Beacon Score LTV
- 600 Up to 75%
- 620 Up to 85%
- 650 Up to 90%
- 700 Up to 95% (purchases only)
