Variable | 2.75% | 2.15% | 0.60% |
1 Year | 3.65% | 2.49% | 1.16% |
2 Years | 3.95% | 2.95% | 1.00% |
3 Years | 4.70% | 3.45% | 1.25% |
4 Years | 5.34% | 3.89% | 1.45% |
5 Years | 5.49% | 3.75% | 1.74% |
6 Years | 6.45% | 5.25% | 1.20% |
10 Years | 6.30% | 4.99% | 1.31% |
15 Years | 7.55% | 6.90% | 0.65% |
25 Years | 8.25% | 7.00% | 1.25% |
**Rates subject to change without notice Last Updated: Thursday, August 26, 2010
Mortgage Programs & Products for the Self Employed
Program: DREAM – 3% Low Down
With this innovative new program, business owners are able to qualify for mortgage financing with only a 3% down payment and no income verification.
Easy mortgage qualification for Entrepreneurs. What do I need to qualify?
- proof of business ownership
- Proof of no personal taxes outstanding
- Proof of minimum 3% downpayment
Applicants must show a strong credit and repayment history. Lenders typically like to see a beacon score of 700+ for this option.
Proof of no taxes outstanding: All you need is your previous year notice of Assessmnet (NOA) to confirm you have no taxes outstanding. Your income is not used towards qualification.
Stated income option - No income confirmation required! This program, as with many of our business for self mortgage programs does not require you to provide any income verification.
- No Financial Statements
- No Bank account statements, invoices
- No Tax Returns
Based on good credit and down-payment, your income is what you state it to be.
For example, a mechanic may earn $100,000 including cash and gratuities. After expenses and deductions, his personal income may only show $30,000. With this program, we would use the $100,000 to qualify for the mortgage, as this is a reasonable income for this position.
Mortgage Rates: Lowest discounted broker rates.
Documentation Required - Proof of Business Ownership by any 1 of the following:
- Articles of Incorporation
- Business Licensce
- GST Returns
- Business registration etc.
- Employment letter
Typically 2 years self employment is required. However, applications can still be approved if you were in a similar line of work previously to becoming self employed.
For example: A framer has been working as a salaried employee for 4 years. He decides to start his own framing / construction business. He could qualify for this program without meeting the 2 year self employment requirement.
Elligible for extended amortizations.
Mortgages are portable.
Eligible for Refinances up to 90% ltv (90% of the property`s values)
Program: DREAM Heloc – Home Equity Line of Credit
The above program is also available as a Line of Credit with a 5% downpayment. Qualification is all the same! This program is very popular with Calgary Business Owners.
Program - DREAM 2nd
Second Home Program: This program allows self employed borrowers to purchase a second home with only 5% down. All qualification requirements are the same as the above state 3% down payment program. Ask how you can purchase your second home today!
Program - DREAM 1 Day
1 Day in Business Special:
This program is designed specifically for those clients who are brand new to business. It allows the newly self employed to finance there own home after being in business for only 1 day! Call today for detail to learn more.
Program - DREAM Back on Track:
Credit Repair mortgage for the self-employed.
If you are self employed and have had some credit discrepancies in the past, this option is perfect for you. A simple qualification process allows you to qualify for your mortgage, so you can focus on repairing your credit, clearing your debts and building your business!
Call today for more details.
Travis Kulasekere is a Calgary Mortgage Broker specializing in mortgage financing and consultation for Calgary’s self-employed community.
Travis Kulasekere B. Comm |
