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Mortgages for self-employed

True North Mortgage can offer lending solutions for self-employed borrowers without traditional third party validation of income.  Typically, this requires a minimum of 35% down, however, it can be done for as little as 10% down through Genworth’s Alt. A program.   

Features of the Alt. A Program

  • Available for purchases and refinances
  • Can finance up to 90% on purchases
  • Best mortgage rates
  • Insurance premiums are slightly higher than standard premiums

Examples of Some Requirements

  • Great credit
  • Minimum of two years business-for-self tenure
  • Income stated must be reasonable
  • Minimum of 5% of the down payment must come from own resources
  • Proof no income taxes are owing
  • Additional requirements can be discussed with one of our agents

 

Genworth Premiums

Loan-to-Value

Premium on Total Loan

Up to and including 65%

1.50%

Up to and including 75%

2.60%

Up to and including 80%

3.30%

Up to and including 85%

3.75%

Up to and including 90%

5.85%

When putting 35% or more down lenders will be more flexible with the source of income, length of time you have been self-employed, credit score, etc.  These files are reviewed on a case by case.