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 Sagen’s Business for Self (Alt. A) program.
Features of the Alt. A Program
Examples of Some Requirements
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.
| Premium Rate | Top-Up Premium | |
|---|---|---|
| LTV Ratio up to 65% | 1.50% | 3.00% |
| LTV Ratio 65.01% - 75% | 2.60% | 6.50% |
| LTV Ratio 75.01% - 80% | 3.30% | 7.00% |
| LTV Ratio 80.01% - 85% | 3.75% | 7.50% |
| LTV Ratio 85.01% - 90% | 5.85% | 9.00% |
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.