STATED INCOME MORTGAGES – All EMPLOYED TYPES

Stated Income Mortgages Self Employed: Stated Income Mortgages are most commonly used for self employed individuals. 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.

Best Self Employed Mortgage Product

Stated Income 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.

How To Address Options In Self Employed Financing

Challenges some self employed individuals face to refinance your mortgage or purchase you first home are business that have many write offs. Stated income mortgages might be your best option. Unverifiable income is the number one reasons people turn to a mortgage professional. Many times clients try 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.

Mortgage BC Self Employed

Stated Income Mortgages

 

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)
For more information on mortgage rates
Jeff Di Lorenzo The Mortgage Group
105-1385 W 8th Ave Vancouver BC V6H 3V9
778-839-3963
Jeff Di Lorenzo The Mortgage Group
122 Lower Bench Rd, Penticton BC V2A 1A8
1-877-744-3436

Stated Income mortgage  service areas in BC Lower Mainland and province: Surrey BC , Vancouver, Richmond, Burnaby BC, Abbotsford, Chilliwack, Coquitlam BC Port Coquitlam, Pitt Meadows, Maple Ridge, West Vancouver, North Vancouver, Port Moody, New Westminster, Delta, Surrey, White Rock, Langley, Coquitlam, Mission, Or in the BC Okanagan  Armstrong Chase, Penticton, Revelstoke, Kamloops, Kelowna, Merrit, Salmon Arm, Vernon, As well as on the Isalnd Victoria, Saanich, Esquimalt, Oak Bay, Colwood, Langford, Sooke, Campbell River, Chemainus, Comox, Courtenay, Cumberland, Duncan, Ladysmith, Lake Cowichan, Nanaimo, Parksville, Port Alberni, Qualicum, Sidney, Cranbrook, Kimberley, Nelson, Castelgar, Trail, Revelstoke

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