Self-employed individuals often face obstacles when it comes to obtaining a mortgage. However, there are attractive options available that offer low rates and excellent mortgage solutions for this group of borrowers. One of the key advantages is the quick approval process, even for those who have been declined in the past.

These mortgage options are specifically designed to consider the unique financial circumstances of self-employed individuals. They take into account the reduced taxable income resulting from claimed expenses, allowing borrowers to qualify for a mortgage based on their overall financial picture rather than just their taxable income.

A particularly useful option is the Stated Income mortgage, which is ideal for individuals whose qualifying income is impacted by high expenses. This mortgage allows borrowers to state their income, providing flexibility for those who have unconventional income streams or fluctuating incomes.

Dividend and investment income are also accepted as qualifying income, provided stability and proof requirements are met. This ensures that self-employed individuals with income from these sources can leverage it to secure mortgage financing.

To apply for these mortgage options, borrowers will need to provide specific documents such as the Notice of Assessment, T1 Tax Statement, proof of principal ownership in the business, contracts or financial statements, and a copy of the Article of Incorporation or business license.

Access to a wide range of lenders is available, including major banks, mortgage finance companies, credit unions, and alternative financers. These lenders are accustomed to working with self-employed individuals and are willing to accept reasonable income estimates, making it easier for borrowers to find the right mortgage solution for their needs.

If you are a self-employed individual looking for a mortgage tailored to your unique circumstances, give us a call. We specialize in providing mortgage options for Business For Self (BFS) borrowers and can help you navigate the application process to secure the financing you need.