Question 1

Can I get a mortgage if I'm self-employed?

Accepted Answer

Absolutely! Self-employed Canadians have multiple mortgage options. While the process can be more complex than for salaried employees, we specialize in finding solutions. Options include bank statement programs, stated income, Business-for-Self (BFS) programs from institutional lenders, and alternative/private lending.

Question 2

How many years do I need to be self-employed?

Accepted Answer

Most institutional lenders require at least 2 years of self-employment history. However, alternative lenders may accept as little as 1 year. If you've been self-employed for less than a year but have strong equity or a high down payment, private lenders can also help. We match you to the right lender for your situation.

Question 3

Do I need to show my tax returns for a mortgage?

Accepted Answer

Not always. While some institutional BFS programs require 2 years of Notice of Assessment (NOA) and T1 Generals, stated income and bank statement programs allow you to qualify without full tax documentation. This is especially helpful for self-employed individuals who write off significant business expenses.

Question 4

Why is it harder for self-employed people to get a mortgage?

Accepted Answer

Traditional lenders verify income through T4 slips and employer letters. Self-employed income is more complex - it fluctuates, and tax returns often show lower net income due to business deductions. This doesn't mean you earn less; it means we need lenders who understand how self-employed income works.

Question 5

What down payment do self-employed borrowers need?

Accepted Answer

With a BFS institutional program, you may qualify with as little as 5% down (with CMHC insurance). Stated income programs typically require 10-20% down. Private lenders usually require 20-25%+. The more you put down, the more options and better rates become available.

Question 6

What documents do self-employed borrowers need?

Accepted Answer

It depends on the program: BFS programs may need NOAs, T1 Generals, and business financials. Bank statement programs need 12-24 months of bank statements. Stated income programs need a business license, articles of incorporation, and an accountant letter. We'll give you a specific checklist.

Question 7

Can I use my business income and rental income together?

Accepted Answer

Yes! We can often combine self-employment income with rental income, investment income, or even a spouse's employment income to strengthen your application. Using multiple income sources can significantly increase your purchasing power.

Question 8

What if my business is less than 2 years old?

Accepted Answer

You still have options. Some alternative lenders accept businesses with 1 year of history. Private lenders focus more on equity and property value. If you have a strong down payment (20%+) and a viable business, we can find a solution. Many newer business owners use private lending initially, then refinance to institutional rates once established.

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