Self Employed Mortgages

If you have a good accountant, they will always make sure your net income is much lower than your gross income on your personal tax returns. This makes it extremely difficult to qualify through a major bank, as they qualify you based on your personal income taxes.

​

Fear not, SwiftBrokers.ca has many solutions for you!

​

1. Prime Lender Gross-Up

​

Banks have the ability to gross up your declared income by up to 20%. This would be the first choice to get approved at the best rates possible.

​

2. Stated Income

​

Some prime lenders can use your business’s income instead of your declared income on your personal taxes. This can be used for an owner-occupied purchase with a minimum of a 10% down payment.

​

3. Alternative Lender Boost

​

This option allows for approval with a much larger loan amount. We would only need 12 months of business bank statements, invoices, and a business license or articles of incorporation to determine your income. Personal income taxes are not required for this option, but a minimum 20% down payment is necessary.

​

4. Private Lenders

​

If the first three options fail, private lenders step in. These lenders approve you with higher rates and fees but require much less paperwork. In most cases, approval is possible even with a low credit score. A minimum 20% down payment is required.

 

To explore these options, give us a call, and we will get back to you as swiftly as possible!