I Can't Prove My Income

You, my friend, would terify a Bank employee...you should do it for Shits and Giggles.  

Walk in, tell them you are self employed and that you write everything off and that your income appears low on your taxes...and you need a mortgage.

They will probably have a mild stroke.  It would be hilarious...ah, good times.

That's a little cruel - maybe you shouldn't do that - after all, strokes aren't really that funny.  

Don't worry though...you are not out of luck.  You can still get a mortgage...the process is a bit hairy, but it can be done!

Basically what we do for you is we "state" a reasonable annual income for your particular industry.

Take for example an Owner/Operator Truck Driver.  This individual accumulates a ton of expenses.  Everything from Fuel to Food.  At the end of the day, this persons income could go from $125,000.00/year in earnings down to $41,000.00 after expenses.  And that $41,000.00 is what ends up being declared on Line 150 for Income Tax.

This person's true income is $125,000.00/year and it's reasonable so we can "state" this income...or something close to it.  We might only need to state $80,000.00.  

In order for you to qualify for this product, the applicant must have:

1.  A Credit Score of NO LESS than 650 on Equifax.

2.  A Down Payment of NO LESS than 10% - and it can only come from applicants Savings or Investments.  Sorry, no gifts from family and it can't be borrowed either.  You will have to show a minimum of 90 Days of accrued Savings/Investments.  (In the event of a Refinance, then the maximum of 80% of your Home's value is allowed to be refinanced.)

3.  Industry experience of NO LESS than 2 Years.  So if you own your own welding company...we want to see you have 2 years of self employment in this industry or at minimum 6 months Self Employed History with the 2 years of industry experience from your previous employer.  

It's not a "cut and dried" product - and lenders love to request a lot of documenation.  Be prepared to provide 2 Years of Most Recent Income Tax, including the T1 General and the Notice of Assessment (NOA) and proof of No Income Tax Owing.  

If you do owe Income Tax...it MUST be paid in full prior to receiving your new mortgage.

The extra good news is that you can still enjoy the low interest rates as everyone else!  We don't penalize you with a higher rate.

Sound reasonable?  Then click on the "Apply Now" button below to get started!