If you are one of the more than 7 million Canadians who are either self employed or are paid on a 100% commission basis, then you may be wondering what mortgage options are available to you. Specifically, you may be wondering what proof of income is required given that the nature of running a business sometimes entails the understatement of your take home pay. Fortunately, there are some great mortgage options available to you that do not require the statement of any type of income. In other words, proof of income is not required for the self employed. Under the programs available, the self employed are still able to enjoy the lowest interest rates on the market, and can apply down payments of as little as 5%. There are a few details and requirements to consider when investigating such a mortgage strategy, however. Here are a few:
- Must have full Canadian citizenship status.
- At least two years of self employment proof is required.
- No income tax arrears.
- Credit score is a major consideration, especially in relation to the amount of down payment:
o 5-10% Down Payment - 700 Minimum
o 10-15% Down Payment – 650 Minimum
o 15-25% Down Payment – 620 Minimum
For more details on the types of self employed programs available and how they can apply to you, contact me at your convenience.
* be happy together is good enough. I am not asking for things that I could never get.
Posted by: Cheap Air Jordans For Sale | 01/09/2011 at 09:14 PM