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Stated Income Mortgage BC- Self Employed Mortgage Rates BC- Low Documentation - The Mortgage Group Canada Inc.

  • Self Employed & looking For a State Income Mortgage in BC- Employed in one of the Following categories.

    • Commissioned Sales People Salaried + Commission + Car allowance
      • Salaried + additional unclaimed (unverifiable) income– ie bartenders, waitresses, plumbers, electricians, finishing carpenters etc. (any position where you cannot verify or claim cash that you receive)
      • Self – Employed as a Sole Proprietor or a Corporation
      • Real Estate Agents Consultants and contractors
      • If you are Self Employed and show poor income you will require 10 percent down under traditional rules. You will receive the same Low Mortgage Rates as an income qualified borrower in most cases. A Notice of Assessment or NOA’s will be required only to show no personal income taxes are owing to (CRA) CANADIAN REVENUE AGENCY. The income shown on your NOA will not have any effect on the applicant's mortgage approval. Self Employed Mortgage lenders in BC require you provide proof of business for self of at least 2 years by way of one of the following: Articles of Incorporation, Business License, GST Returns ext.

      • <= Contact Me Through GET A QUOTE

    • Highlights of Stated Income Financing:

    • Up to 90% LTV for purchase transactions
    • 85% LTV for Refinance
    • Amortizations up to 30 years

    • Program Guidelines Stated Income:

  • Purchase, Purchase plus improvement, Secondary home, progress advances, refinances
  • Progress Advances ( Maximum 2 units) - one must be occupied as the principal residence
  • 680+ Credit Score – GDS no limit/TDS 44%
  • 620-650 Credit Score – GDS 35%/TDS 42%
  • Spousal guarantors acceptable
  • Down payment must come from own resources
  • less 3 years - BFS can do stated income
  • 3 years + - has to prove their income (see below)
  • Minimum of 2 years – BFS tenure
  • Borrowers must have minimum 2 year BFS tenure if purchasing a secondary home

     

    Documentation required for business for self more than 2 years:
  • Articles of incorporation
  • Two years Notice of Assessments - showing no taxes owing.
  • T1 Generals with statement of business activities for two years
  • Financial Statement prepared by an accountant - 2 years
  • When a 2nd borrower is salaried: Written confirmation of income in the form of a job letter, current pay stub and 2 year T4 and 2 year Notice of assessments.
  • One form of written third party documentation confirming self – employment.
  • No Credit delinquencies in the past 12 months, no previous bankruptcy, no defaults on residential mortgages in the past 7 years, Genworth will average the scores pulled from both credit bureaus for each borrower.

    • I can help find Mortgage financing for all Canadians: from all races & walks of life including Scottish, Irish, German, French, Chinese, Dutch, Ukrainian, Italian, Norwegian, Polish, Swedish, Welsh, Russian, Middle Eastern, Portuguese, Brazilian, American, Filipino, Danish, Finnish, Hungarian, Austrian, Japanese, Spanish, Jewish and many others.

      I am your local Vancouver Regional District Mortgage Broker serving areas  including cities and towns of: Vancouver, Richmond, Burnaby, Abbotsford, Chilliwack, Port Coquitlam, Pitt Meadows, Maple Ridge, West Vancouver, North Vancouver, Port Moody, New Westminster, Delta, Surrey, White Rock, Langley, Coquitlam, , and Mission British Columbia.

      I am your Online Mortgage Broker Serving the Okanagan Regional District Serving areas  includes the cities and towns of:  Armstrong, Ashcroft, Cache Creek, Chase, Clinton, Enderby, Falkland, Golden, OK Falls, Oliver, Ossoyoos, Peachland, Penticton, Princeton, Revelstoke, Kamloops, Kelowna, Keremeos, Lake Country, Lumby, Merritt, Salmon Arm, Vernon, and British Columbia.


      Online Mortgage Broker Serving Vancouver Island Regional District includes the cities and towns of: Victoria, Saanich, Esquimalt, Oak Bay, Colwood, Langford, Sooke, Campbell River, Chemainus, Comox, Courtenay, Cumberland, Duncan, Ladysmith, Lake Cowichan, Nanaimo, Parksville, Port Alberni, Qualicum, Sidney, Tofino, British Columbia.

      I am your Online Mortgage Broker Serving the Kootenay Regional District Serving areas includes the cities and towns of:Cranbrook, Kimberley, Sparwood, Creston, Nelson, Castelgar, Trail, Fruitvale, Montroses, Kaslo, Winlaw, Invermere, Weindermere, Golden, Radium Hot Springs, Revelstoke, Nakusp, New Denver, Fernie and British Columbia.