Stated Income Mortgages Self Employed: Stated Income Mortgages are most commonly used for self employed individuals. (Other Employment Options for Stated Income Listed Below) It is increasingly challenging for home owners who own business to qualify for a mortgage due to their many write off advantages. This tax savings advantage significantly reduces your net income. There are specific banks and lenders that work with these challenging application types.
The easiest products available for the self employed are stated income mortgages. These mortgage products are great because they are available at the discounted rates. The key requirements for these mortgage types are as follows:
- Notice Of Assessment or NOA (full document) Your net income is shown on the line 150 but this has little effect on the application. Lenders are interested mostly in proving you owe no personal income tax.
- Proof that you have been in business at least 2 years by providing one of the following: Articles of incorporation, Business License or GST Returns etc.
Due to the challenges some self employed individuals face to refinance your mortgage or purchase you first home it can be very difficult to find a bank willing to work with you. If your business has many write offs, stated income mortgages might be your best option. Unverifiable income is the number one reasons people turn to a mortgage professional like myself for help when self employed. Many times clients come to me after trying three or four banks and being rejected for one reason or another and having multiple credit searches done. The fact is not all banks want your business if you are self employed and can’t provide traditional income proof. I can quickly review your situation and discuss options of either refinancing with a bank or b-lender or possibly to a short term consolidation of debt using one of my private lenders.
Conventional Purchase up to 90% (income gross up options only):
- (Best Rate) Gross Up Income Purchase up to 90% LTV
- Self Employed or Commissioned for 2 years
- Flexible Income Documentation (documentation is required)
- 1-5 year fixed terms & 3 & 5 year ARM Terms
Conventional Refinance to 65%
STATED INCOME MORTGAGES, OPTIONS BOTH SELF EMPLOYED AND SALARIED EMPLOYEES:
- Best Rate up to 65%
- Self-employed 2 years, Commissioned 2 years or Salaried
- Flexible income documentation
- 35% of down payment must be from own resources OR equity in home
- Currently few lenders that allow “stated income” Conditions Apply” CALL ME FOR DETAILS
*With this product I can employ techniques that may allow you to obtain financing up to 80% LTV using alternative options.*
B-Lender (Prime + Rates) Stated Income up to 75% or a combined 1st 2nd to 80%
- Proof of BFS for 2 years
- Proof of NOA filed or Statutory Declaration
- State Your income (it’s that easy)
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