Mortgage for self employed Ontario
Toronto Mortgage agent – Mario Lasocha offers mortgage for self employed through many banks, financial institution and private lenders at most competitive rates – please call 416-821-6338 or email us!
This program is design for self- employed persons who do not report a net income however own registered businesses for at least 2 years and generate sufficient gross income.
The mortgage is based on so called stated income and are properly package to lenders who specialize in Self- employed products.
Please inquire about stated income program for self employed and fill out your mortgage application today!
Stated income program basic requirements
Business for self (BFS) applicants (income and non- income qualifying) – must provide evidence of 2 years business activity up front with application
In ALL cases either a copy of the Business Registration License or Articles of Incorporation is required.
If the business is a sole proprietorship or partnership we require:
copies of the past two years full T-1 Generals including the Statement of Business Activities
the most recent NOA
confirmation that all Source Deductions and GST/HST remittances are up to date.
If the business is incorporated we require: 2 years financial statements supported by the most recent NOA
Eligible- self employed mortgage as of March 2013
Business Owners, Realtors, Insurance/Investment Advisors, Contractors, Mortgage brokers
Purchases, Refinances, Owner & Non-owner occupied
Property type eligible under BFS program:
- Single family detached and semi-detached
- Single family townhouses and row houses (freehold)
- Duplexes and Triplexes
- Registered condominium unit including: high-rise, townhouses and stacked townhouses located in urban centers
- Properties on well water and septic tanks will be considered provided this is normal for the area.
- For properties situated on acreage, appraisal report to include a maximum of 10 acres plus dwelling and no out buildings (conventional)
- For properties with no basement, the minimum square footage is 1,000 Sq. Ft.
- Seasonal year round access – generally accepted locations for seasonal dwellings to include the Muskoka, Halliburton and the Kawartha regions. In addition all of the Niagara region may be considered. For southwestern Ontario, locations such as Georgian Bay, the Bruce Peninsula to Lake Huron