Criteria for Self Employment

Criteria- financial institutions are intrinsically risk adverse, so being self employed puts you under different criteria that vary depending on the status of your business, loan to value and the amount of credit you have available.

With 35% Downpayment - credit scores need to be 650 or greater. Notice of assessment for 3 years confirming no income tax owing. Down payment must be from own resources. Confirmation of sufficient funds for closing or letter from accountant confirming gross income sufficient to support the monthly financing costs.
With 30% Down Payment - Financing provided based on property value. Rate will depend on credit, and the condition and type of the property.
With 15% Downpayment - must be Genworth Insured. The insurance premium is 2.9% and the rate is increased by 30bp. Minimum credit score is 680. Down payment must be from own resources. 2 or 3 years of Notice of Assessments showing no taxes owing and two of the following to confirm business status:
-Business credit report
-Businesses license
-GST return
-Revenue Canada Notice of Return Adjustment/Summary (for GST return)
-Articles Of Incorporation
-Details of an active business account and stated Income

The program allows for a client to state their income and they must qualify on their income. it must be reasonable for your occupation. Minimum credit score of 680

Maximum loan to value is 90%. Rates are higher, and Insurance Premium is 3%. Availability for purchases and refinancing of principal residence only.