Mortgage for Self-employed without income verification
May 3, 2016 | Posted by: Alex Vinarski
It's getting harder and harder to get financing approved, and get into this hot Vancouver market.
We have very good product for clients who can not verify income, but have ability to pay mortgage payments.
This product works for self-employed, commission income, tips earning workers. Minimum down payment 20% for house and 25% for condo. Down payment can be 100% gifted, or borrowed. Condos must be newer than 1990. Rate is 3.49% for 1, 2, or 3 years, and 3.99% for 5 years, for clients with credit 640 or better. For clients with lower credit rates are from 3.99%.
This program use stated income, but clients have to show that business exist (show business registration), and operate (show Business account statements, recent paid invoices, recent contracts). Don't need to show Notice of Assessment (tax return).
For some clients it's actually better option, than try to show higher income and pay more income tax, just to get a mortgage.