The stated income program is for people who are self employed, but can’t prove their income in the traditional manner.

We’ll take into consideration:

  • the industry you’re in
  • what kind of experience you have
  • how many employees you have
  • whether or not you have a physical location or a website
  • the reasons why proving your income using the traditional methods is not an accurate representation of your earnings

We can then “state” the income that you actually make to qualify you for your mortgage without proving it using standard methods. Any income that we use has to be considered reasonable based on the critera above and we’ll still need some paperwork to back it up.

Requirements to qualify under this program include:

  • a minimum of 10% down from your own resources (if it’s a primary residence)
  • strong credit (a credit score of at least 650) with a two year history of at least two accounts being paid well
  • proof of self employment (ie. business license, GST registration, 12 month history of business bank account, tax returns showing self employed income being reported)
  • confirmation you don’t owe Revenue Canada outstanding income tax (ie. recent notice of assessment or signed declaration if acceptable to the lender)

 

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