No Income Qualifying

Self Employed, Business For Self, and Commission sales mortgage details.

Target Customer:

Self employed, commissioned sales, or business for self borrowers with good credit who cannot meet Gross Debt Service Ratio or Total Debt Service Ratio based on reported verifiable income from Notice of Assessment.

Key Features:

1. Simplified Credit Adjudication: Waives standard GDSR/TDSR!

2. High Ratio Insured Financing: Up to 85% of property lending value.

3. Standard Mortgage Lineup Available: All fixed terms available up to 7 years, and Ultimate Variable Rate Mortgage.

Loan to Value Ratio:

Up to 65% Uninsured for purchase or switch from another bank.

90% to 85% (plus default insurance premium) GE insured for purchase, switch and refinance

Borrower Qualifications:

- Down Payment
must come from own resources (i.e. not gifted or borrowed) with proof of three months bank statements, RRSP, or GIC etc.

- Uninsured:
Most recent Notice Of Assessment for confirmation that taxes are filed and no tax arrears.

- Insured:
Three most recent Notice Of Assessment's for confirmation that taxes are filed and no tax arrears. For commissioned sales, 3 years of T4's or letter from employer confirming 3 years in commissioned sales are required.

GE Capital Mortgage Insurance Premiums (Insured):

$300 Application fee

How This Mortgage Works

You have a business where you are self employed or a commissioned sales person.

You have tax write offs to minimize taxes payable. In fact your real income may be twice what your reported income is. This is a good way to save money but not a good way to qualify for a maximum mortgage.

Everyone knows that business owners write off everything they can to hide their real income from taxes. So for the purpose of this mortgage that bank will take your word as to the sum of your income. No proof required.

You will need to have good credit, prove you have been in business for two years and proof you have 15% of the purchase price for a down payment.

It Looks Like This

Your reported income is $35,000. But someone in your position could earn $135,000 in your business. So your income for the purpose of this mortgage is now $135,000 which will definately help you qualify for a much higher mortgage. The only catch is you need to have 15% down payment plus 1.5% closing costs for lawyer and appraisal.

*Some conditions, limitations, exceptions and exclusions may apply to these guidelines. Commission Sales customers who are paid a salary plus commissions are not eligible under the Insured Program.

* Limited time offer can be changed or withdrawn at any time without notice and may not be combined with other discounts, offers or promotions. Subject to credit approval and the home meeting our residential standards.

Canadian office phone numbers:
Victoria 250-483-1257 Vancouver 604-484-7040 Kelowna 250-448-5023 Edmonton 780-628-5748 Calgary 403-668-6551 Toronto 416-840-5520