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.